Manchester United’s sale process has taken another big turn as Sir Jim Ratcliffe’s INEOS takeover bid is ‘effectively dead’, according to Bloomberg Journalist David Hellier (via United View).
Hellier revealed that United’s minority shareholders have made it clear to the board via a letter that Ratcliffe’s bid is unacceptable as it offers nothing to them.
He said: “I’ve been told by sources that Sir Jim Ratcliffe’s bid is absolutely dead in the water.
“His proposal does not offer anything to the minority shareholders. They have sent a letter to the board saying that they will sue the Glazers if Ratcliffe’s offer is accepted.”
The British billionaire was reportedly ahead of Qatari banker Sheikh Jassim in the race to buy Man United after the latest round of bids.
He offered to purchase only the controlling stake of the club. He would also allow Avram and Joel Glazer to retain a 20 percent stake.
By contrast, Sheikh Jassim is seeking a full sale of the Red Devils.
His offer does not only give an exit option to the Glazers but also to the minority shareholders.
Delay in sale is increasing frustration among the United faithful
The Glazers announced they would sell United in November last year, but they have yet to decide who will be the club’s new owner.
Ratcliffe’s bid offered a higher valuation to the American owners when compared to the bid tabled by Sheikh Jassim. However, the Glazers could avoid favouring Ratcliffe due to the legal threat.
Ben Jacobs also reports that two likely outcomes are left – ‘a Qatar win or a no sale.’
If the Glazers go back on their intention to sell the club, they will face extreme protests from the supporters.
This indicates that the Qatari group is edging closer to sealing the takeover.
The deal needs to be wrapped up as quickly as possible. United are already behind their Premier League rivals in the summer transfer window.
Any more significant delays could be catastrophic for the club.
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