British billionaire Sir Jim Ratcliffe is on the verge of obtaining a significant stake in Manchester United, a move that would grant his INEOS team substantial “sporting influence” at Old Trafford, according to sources informed by ESPN.
An insider familiar with the negotiations informed ESPN that Ratcliffe exhibited a greater degree of strategic acumen in his approach compared to rival bidder Sheikh Jassim, a Qatari billionaire who withdrew his interest in purchasing Manchester United.
His withdrawal followed unsuccessful attempts to secure a complete takeover of the club from the Glazer family, the current American owners.
With Sheikh Jassim no longer in contention to acquire the 20-time English champions, Ratcliffe, the founder of the chemical company INEOS, is now poised to finalise a deal to procure a 25% share from the Glazers, who presently possess a 69% stake in the club.
The remaining shares are held by smaller investors on the New York Stock Exchange.
The remaining shares on the New York Stock Exchange are held by smaller investors.
As part of this arrangement, Ratcliffe, aged 70, is prepared to offer an above-market price in return for gaining control over specific decision-making powers, a privilege typically not associated with a minority investment.
According to an insider, Ratcliffe is willing to pay a sum ranging from £1.3 billion ($1.576 billion) to £1.5 billion ($1.82 billion) for this stake, even though Manchester United’s current market valuation hovers at approximately £2.6 billion.
This impending agreement, expected to be finalised as early as this week, ensures that the Glazers maintain their majority stake in the club.