The ‘final stages’’ of Sir Jim Ratcliffe’s purchase of Manchester United have reportedly begun. Ratcliffe, the CEO of the industrial petrochemicals business INEOS, has emerged as the favorite to succeed the Glazer family as the club’s owner.
A protracted, drawn-out takeover procedure seems to be coming to an end.
Ratcliffe is reportedly the front-runner to purchase Manchester United from the Glazers right now.
Ratcliffe’s negotiations with the Raine Group, the New York merchant bank in charge of coordinating the acquisition, are said to be in the “final stages.”
Avram and Joel Glazer, two co-chairmen from the Glazer family, have been given a minority ownership in the team by the 70-year-old Ratcliffe.
Both guys will remain at United, and Ratcliffe will continue to be in charge.
The latest development has persuaded the Qatari bidders to make a desperate attempt to beat Ratcliffe in the battle to buy the club.
According to The Times, Sheikh Jassim bin Hamad Al-Thani has tabled yet another offer, long after the April 28 deadline for final bids.
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Sheikh Jassim, who is chair of one of Qatar’s largest banks, has made the offer directly to the Glazers and Raine.
The Qataris involved in the bid have told both parties that they want a response to their offer by Friday.
They have pledged to withdraw from the process if their bid is not accepted in the next 48 hours. The takeover process has gone on since November with no certainty over whether the Glazers will sell at all.
Some figures at the club have called for a swift conclusion to negotiations.
Head coach Erik ten Hag is planning a busy summer transfer window and will want to know what funds he will have available.
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