Afrigather British billionaire Jim Ratcliffe pays £1.3bn for 25 per cent of Manchester United after Qatari businessman Sheikh Jassim bin Hamad al Thani withdrew from the bidding course of.
It was reported by Fabrizio Romano earlier on Saturday, 14 October, that Sheikh Jassim’s supply, which valued United at greater than £5bn, believed to be the one bid for 100 per cent of the membership, was rejected by the Glazers household.
Nonetheless, it’s understood that the Qatari’s valuation was inadequate for the Glazers, who’ve owned United since 2005.
The opposite proposal is to purchase round 25 per cent of the membership by Ratcliffe, who has mentioned he has been a fan of the membership since childhood, with the deal needing to be agreed at a United board assembly this week.
Learn additionally Man United takeover: Ratcliffe to rival Sheikh Jassim in revised offer
Ratcliffe and his firm INEOS are anticipated to run Manchester United’s soccer operations as a part of the deal to buy 25 per cent, which could possibly be step one in a phased takeover.
The petrochemicals billionaire initially wished to purchase the entire Glazers’ 67 per cent shareholding.
Sheikh Jassim is known to have raised his supply in June, however it was not passable for the Glazers regardless of being excess of the membership’s $3.3bn valuation on the New York Inventory Alternate.
The distinction between the events is over the valuation – which nonetheless leaves the opportunity of Sheikh Jassim being enticed again into the protracted course of – as protests towards the Glazers proceed.
Anger towards the possession has simmered and grown as United have began the season by shedding 4 of their opening eight Premier League video games to sit down tenth.
Erik ten Hag’s aspect have additionally misplaced each Champions League group video games within the 2023-24 marketing campaign.
Timeline of Man Utd takeover course of
November 22, 2022: The Glazers affirm they’re open to a sale however say different choices “together with new funding” shall be thought of.
February 17, 2023: Sir Jim Ratcliffe and Sheikh Jassim Bin Hamad Al Thani make rival bids for Man Utd takeover. Qatari needs to purchase 100 per cent of the membership.
February 18, 2023: US hedge fund Elliott Administration lodge proposal for funding in Man Utd.
February 28, 2023: Glazers cut up on sale after bids fail to satisfy £6bn valuation.
March 5, 2023: Sheikh Jassim and Ratcliffe make it by way of to subsequent stage of the method together with unnamed bidder.
March 10, 2023: Elliott Administration make it by way of to the second stage of the Man Utd sale course of.
March 16 & 17, 2023: Qatari group and Sir Jim Ratcliffe meet Raine Group at Outdated Trafford earlier than being given entry to detailed monetary info. Sheikh Jassim stays away.
March 22, 2023: Raine lengthen deadline for second bids after requests from Sheikh Jassim and Ratcliffe. Elliott Administration did make minority stake supply earlier than the smooth deadline.
March 23, 2023: Ratcliffe makes his second bid.
March 24, 2023: Sheikh Jassim makes his second bid.
April 11, 2023: The Glazers take the sale course of to a 3rd spherical, with events requested to submit last affords by finish of April.
April 28, 2023: Sheikh Jassim makes a world-record bid. Ratcliffe additionally makes his supply earlier than the deadline.
Could 16, 2023: Sheikh Jassim goes in with a fourth bid near £5bn. INEOS proposal values Man Utd at a better worth however shouldn’t be for the entire membership and would give Glazers an opportunity to maintain 20 per cent stake.
June 7, 2023: Sheikh Jassim submits a fifth improved bid.
October 14, 2023: Sheikh Jassim withdraws from the method.
