Billionaire Jim Ratcliffe mulls buying Man United minority stake: reports

LONDON – British billionaire Jim Ratcliffe is considering changing his bid and offering to buy a minority stake in Manchester United instead, according to reports on Monday.

The 70-year-old, founder of chemicals giant Ineos, emerged as one of two leading candidates to purchase the 20-time English champions, along with Qatari banker Sheikh Jassim bin Hamad Al Thani, a member of the royal family.

A lengthy takeover saga has followed since United’s owners, the Glazer family, announced either a potential sale or “strategic alternatives” in November 2022, with numerous bids entered by both Ratcliffe and Sheikh Jassim.

However, there has reportedly been no progress made while the Glazers are holding out for a £6 billion (S$9.95 billion) transaction – a figure that has yet to be matched by either party.

Sheikh Jassim has been clear in his statement right from the start that he wants to buy 100 per cent of the club, while Ratcliffe had offered different proposals of buying 69 per cent – the total amount of shares the Glazers have – or 51 per cent, and now a reported 25 per cent.

Ratcliffe’s latest offer would mean that he is targeting only a minority stake, having initially wanted to complete a majority takeover, and Sky News said that the Briton is aiming to “bring the drawn-out sale process to an end”.

This would mean that the Glazers would retain majority control of the club they bought in 2005, an outcome that will be deeply unpopular with fans, who have wanted them out and have had numerous protests against the ownership.

Members of the Glazer family – six siblings in total – currently own a minority stake each in United and control it through a dual-class share structure.

They are hated by United supporters because they have, throughout the years, saddled the club with debt and not invested out of their own pockets at all.

There is also a view that Ratcliffe wanting to buy a minority stake is a desperate attempt to get into the club – even if it means the Glazers stay – as he knows he does not have the financial power to compete with Sheikh Jassim.

The Qatari’s 100 per cent offer remains on the table, and his side remain committed to the process, sources say.

A minority investment, like the one Ratcliffe is proposing, had also been considered by the Glazers but United’s valuation on the New York Stock Exchange had plummeted in August after reports the owners may not sell in full.

United and Ineos did not immediately respond to requests for comment, which is normal in a takeover process as all parties have signed NDAs (non-disclosure agreements). AFP, REUTERS