Sir Jim Ratcliffe’s purchase of a 25 per cent stake in Manchester United is very likely to be announced early next week.
Confirmation of the investment by the 71-year-old’s Ineos Group would conclude a saga which has lasted more than a year, and sources have indicated that an announcement is strongly expected to be just days away.
The Glazer family who own United first announced on November 22, 2022 their intention to undertake a strategic review of their options, which included the possibility of them selling the club.
United fans have regularly protested about the Glazers’ ownership since their leveraged buyout in 2005 (Richard Sellers/PA)
Many United fans, who have resented the Americans’ involvement in the club since their leveraged takeover in 2005, welcomed that news and until October of this year a buyout looked possible, with Ratcliffe and Qatari businessman Sheikh Jassim publicly in the running.
Sheikh Jassim withdrew his bid for full control of the club on October 14 and Ratcliffe’s focus has now shifted to taking a significant minority stake.
The deal is set to involve Ratcliffe purchasing a sufficient number of B shares from the Glazer family to secure 25 per cent of company voting rights.
Each B share carries 10 votes, whereas A shares carry one vote per share. The Glazers have hitherto owned all the B shares in United, affording them 95 per cent of the overall voting rights.
The Ineos Group is expected to pay in the region of £1.25bn for its stake in United (Peter Byrne/PA)
Ratcliffe’s Ineos Group is expected to pay in the region of £1.25billion for the share purchase, while also acquiring significant control over footballing operations.
It has also been reported that Ratcliffe is prepared to invest a further £245million to improve club infrastructure.
The deal had been expected to be done during the November international break, but that came and went and the one-year milestone was passed almost a fortnight ago.
The club announced on November 15 that Richard Arnold was stepping down as chief executive.
Sources close to Ineos indicated they were not involved in Arnold’s departure, but it seems likely that further change will be afoot once the deal is signed.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here