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Sir Jim Ratcliffe has made a promise to the Glazer family that could prove pivotal in his attempts to complete a Manchester United takeover, according to reports. The British billionaire is plotting a move that could leave Sheikh Jassim bin Hamad Al Thani with little option but to increase his bid for a 100 per cent sale.
According to The Telegraph, Ratcliffe is exploring alternative investment options to eventually inherit control at Old Trafford.
One of which is a pursuit of just a 25 per cent stake as the INEOS chief looks to use flexibility to gain the upper hand on Sheikh Jassim, who boasts more financial might.
However, the Qatari banker has remained firm on his full sale or no deal stance, which could play in Ratcliffe’s favour.
The report claims that Ratcliffe has promised the Glazers that he can be deft in his approach to overcome potential hurdles in such a significant deal.
The Glazers are said to remain open-minded to different options and haven’t yet decided the route they will go down, but talks are in ‘good health’.
They have allegedly continued ‘multi-layered’ talks with different parties, including those also seeking minority investment.
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Ratcliffe joins Elliott Management, Carlyle Group Inc., Sixth Street Partners and Ares Management Corp in eyeing a deal that would allow the Glazers to retain control at Old Trafford.
The reports have, unsurprisingly, gone sourly among United fans, who are desperate for the neglectful American family’s 18-year reign to end.
The Glazers own around 69 per cent of United, with Joel and Avram Glazer acting as the club’s co-chairmen with the biggest say in decisions.
Joel and Avram are reportedly the most reluctant to walk away from the Red Devils, causing a split between the six Glazer siblings atop the United hierarchy.
The rest is spread across multiple stakeholders who own shares listed in New York. They will undoubtedly have been kept informed of developments in the ongoing process.
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Ratcliffe is said to have stuck with the value of his bid in the process’ third round, worth just over £5billion.
It was initially more than Sheikh Jassim offered before the Qatari royal returned to the negotiation table with fourth and fifth bids, most recently in June.
The Glazers reportedly set their asking price at £6bn, but there are lingering suggestions that their opposition has recently strengthened due to the money Saudi Arabia is pumping into football.
There is a claimed belief around the family that United could be worth as much as £10bn in coming years, which may make Ratcliffe’s staggered approach attractive in the meantime.
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