INEOS CEO Sir Jim Ratcliffe is believed to be the unchallenged frontrunner in the Manchester United takeover race. However, according to talkSPORT, his partial takeover might take several weeks to finalize.
Timeline Of Manchester United Takeover Explained
In November 2022, Manchester United owners, the Glazers family, officially announced their decision to seek strategic alternatives. They opened up the floor to interested parties, which led to the emergence of Sir Jim Ratcliffe and Qatari billionaire Sheikh Jassim as new potential owners. According to reports, Ratcliffe proposed to buy a 25% stake in Manchester United while Jassim was only interested in a complete takeover.
On Saturday (October 14), Jassim pulled out of the race after the Glazers turned down his final £5 billion ($6.09 billion) offer for 100% ownership of the club. It is believed that the Glazers wanted to remain on the board, which would have been impossible had they accepted the Qatari businessman’s world-record bid.
With Jassim out of the way, Ratcliffe has become the favorite to complete a partial takeover of the English club.
Ratcliffe’s Takeover Process Could Take Weeks
Although he seemingly has an unassailable lead, Ratcliffe cannot pat himself on the back just yet, as there are several steps between now and the official announcement. As per talkSPORT, Manchester United will hold a pre-arranged board meeting on Thursday (October 19), where the topic of the takeover will be discussed.
Ratcliffe has reportedly agreed to pay £1.3 billion ($1.58 billion) for the club’s 25% ownership, but the make-up of the deal is still being discussed. He is reportedly conversing with the Raine Group, which is representing the Glazers’ interests, over it. Once all parties are happy and the offer is approved by United’s 12-person board of directors, Ratcliffe can proceed to take the Premier League’s owners and directors’ test. That process can take up to two months to complete.
The British businessman eventually wants full control of the club. However, since the Glazers are reluctant to do so, the lifetime Manchester United fan is happy to take a minority stake and see how the situation develops. It is thought that Ratcliffe will look for complete sporting control — including transfers — if his bid is ultimately accepted.
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