According to the Telegraph, Sir Jim Ratcliffe has recently travelled to New York to engage in face-to-face discussions with Manchester United representatives. This move signifies his strong desire to outdo Sheikh Jassim in the race to acquire the club.
After a lengthy seven-month process, the Man United takeover saga has reached what is hoped to be the final stage.
The Glazer family, the current owners, are nearing a decision between Sir Jim Ratcliffe, the INEOS chief, and Sheikh Jassim bin Hamad Al Thani, a Qatari banker.
Earlier in the week, Qatari reports suggested that Sheikh Jassim had successfully secured his bid for a complete ownership stake in the club. However, these claims were subsequently taken back.
The recent registration of ‘Nine Two Holdings Limited’ in Sheikh Jassim’s name at Companies House created a wave of excitement.
This speculation led to a significant surge in United’s share price on the New York Stock Exchange, resulting in a temporary trading suspension.
There were claims that the Qatari group was engaged in discussions regarding exclusivity. However, it has been revealed that both Sheikh Jassim’s group and Sir Jim Ratcliffe’s INEOS are still contenders in the takeover race.
The Glazer family, along with the US merchant banker Raine Group overseeing the process, are carefully considering the bids.
It is understood that once a decision is reached, a lengthy period of exclusive negotiations may not be required as all parties have completed their due diligence.
Despite the growing speculation and attention surrounding the takeover process, Sir Jim Ratcliffe and his INEOS group maintain quiet confidence in their prospects of success.
According to The Telegraph, Ratcliffe has reportedly flown to New York for talks within the past month, demonstrating his commitment to increasing his chances of acquiring the club.
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This contrasts with Sheikh Jassim’s approach, as he opted to send representatives to Manchester earlier in the year to meet with executives, tour the facilities, and conduct due diligence on his behalf rather than attending in person.
As the process has stretched on for 206 days since the Glazers announced their intention to explore strategic alternatives for the club, patience is wearing thin among the involved parties.
The Qatairis have already declared that he would not participate in the takeover process beyond his fifth offer.
The two leading offers for the Man United takeover differ significantly in their nature. Sir Jim Ratcliffe, who already owns the French club Nice and is involved in the Mercedes Formula One team, is bidding to purchase slightly over half of United’s B shares.
This deal would allow Avram and Joel Glazer to retain their involvement with the club. On the other hand, Sheikh Jassim aims to acquire all of the club’s shares, leading to a complete takeover and ending the Glazers’ ownership.
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The Glazer family’s tenure has been met with anger in Manchester since their debt-leveraged takeover in 2005.
The owners do not appear to be in a hurry to advance the process. This lack of urgency has created uncertainty, with manager Erik ten Hag recently admitting that he is unaware of the club’s budget for the upcoming summer transfer window.
