Renowned journalist Ben Jacobs has said that buying a minority stake could be INEOS CEO Sir Jim Ratcliffe’s best bet to oust Qatari banker Sheikh Jassim in the Manchester United takeover race.
In November 2022, Manchester United’s owners, the Glazers family put the club up for sale. According to Football 365, three official rounds of bidding have taken place, through which Ratcliffe and Jassim have emerged as the front-runners in the race. It is believed that both parties have offered £5 billion ($6.06 billion) for the club, but the Glazers are supposedly holding out for a £6 billion offer.
Jacobs Claims Ratcliffe Wants His Foot In The Door First
Over the last few weeks, reports have claimed that Ratcliffe would be open to keeping the Glazers on and even consider the possibility of buying a minority stake in the club. Jacobs believes Ratcliffe still wants to take complete charge of the club but is contemplating buying a minority stake to break the current deadlock. Jacobs told Caught Offside (via Football 365):
“Sources close to INEOS still insist Ratcliffe eventually wants control, but taking a minority stake first may break the impasse and make getting it a more prolonged process.
“A 25% stake could cost as high as £1.5bn and would involve Ratcliffe buying an equal amount of class A and B shares, which crucially would remove the risk of litigation. Ratcliffe has always insisted he wants control and majority stake, but is prepared to be patient and ultimately is being fluid in his negotiations in order to try and win at all costs. Those close to the process have been very impressed by how INEOS have handled talks to date.”
Minority Stake Could Be Ratcliffe’s Only Chance Of Winning Manchester United Race
While Ratcliffe is contemplating the idea of coming on board as a minority stakeholder, Jassim has no interest in keeping the Glazers around. Jacobs feels the minority strategy could be the Englishman’s only way in.
He added:
“Sheikh Jassim still wants 100% of the club. His Nine Two Foundation bid is ‘all or nothing. He won’t entertain a minority stake or any scenario in which the Glazers stay. It is still thought Sheikh Jassim must again bid higher if he’s to succeed and it remains to be seen whether suggestions Ratcliffe might be making progress could prompt the Qataris to pay what it takes.
“The Glazers will be well aware of the backlash if they stay, as will Ratcliffe, but both are thick-skinned and if the deal suits both parties then they won’t be put off by negative reaction. Ratcliffe may also argue this is his only choice, which would be indicative of the Glazers deciding they don’t want to sell (at least yet) and wish to remain in control of the club. Perhaps a foot-in-the-door is Ratcliffe’s only way of winning.”
Following Manchester United’s hapless start in the 2023-24 Premier League season, fans have grown even more vocal about the Glazer’s departure. If they end up staying put after months of negotiations, the backlash could be difficult to handle.
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