Reports surrounding the takeover of Manchester United indicate that Sir Jim Ratcliffe and his Ineos Group submitted a higher bid for the club than Qatar banker Sheikh Jassim bin Hamad Al Thani.
Both parties are the leading entities in the bid to take over the ownership of the club from the Glazer family, who are set to end their 18 years association with the club.
Their decision was a direct consequence of the successful takeover of Chelsea in the summer by Los Angeles Dodgers co-owner Todd Boehly and his partners. It also comes on the back of years of calls and protests by fans for them to let go of their ownership of the club due to the lack of footballing success and infrastructural collapse it has suffered in their times as owners.
The sale process started in November 2022 with several parties making bids for full ownership, minority stocks and various investment vehicles attached to the club. Qatar banker Sheikh Jassim bin Hamad Al Thani and Sir Jim Ratcliffe, through his Ineos Group, have been in the lead since the beginning.
Their most recent bids are reportedly the last bids which Raine Group, the merchant bank handling the bids, will be taking on behalf of the Glazers.
Sheikh Jassim bid £5 billion in this latest round and also submitted an undisclosed amount which will go directly to the Glazers as their profit. Sir Ratcliffe’s bid was unknown but it was said to be in the region of Sheikh Jassim’s. Reports now indicate that Sir Ratcliffe’s bid is much more than that of Sheikh Jassim’s, putting him ahead of the Qatar banker who most fans of the club have gravitated towards.
Sir Ratcliffe’s Ineos Group are bidding for a controlling stake in the club, however, as against Sheikh Jassim who is bidding for total ownership of the club. Some observers claim that there is a significant distance between both bids which came as a surprise to all the parties directly involved.
However, it is also believed that Ratcliffe’s bid is as high as reported because he is looking to buy a part of the club. His high bid will see him pay less for a higher total valuation and it will easily get him into the driver’s seat concerning what happens at the club going forward.
Ratcliffe is also setting the ground for his successful takeover of the club by offering the Glazers 20% of the club.
This will not go down well with several fan groups who want the American billionaire family out completely but it will be accepted by those who have championed #GlazersOut for years.
