Sir Jim Ratcliffe has been warned that any move to “prop up” the Glazer family will meet with fierce opposition from Manchester United fans as the club’s long-running takeover saga grinds towards its year-long anniversary with no sign of a definitive resolution.
Ratcliffe’s INEOS team are understood to be investigating the possibility of buying a minority stake in the club to move the stalled takeover process forward after months without even the suggestion of a resolution.
Sky News have reported that Ratcliffe was looking at a proposal which would entail spending around £1.5bn to acquire both the Glazers’ shares and a chunk of publicly-traded shares in an effort to crack the current impasse. That would give him 25 per cent of the club but leave the Glazer family with the controlling stake.
It has been suggested that Ratcliffe would then look to move to a full takeover in stages as the club’s valuation increased over the years.
The Manchester United Supporters Trust (MUST), who maintain lines of dialogue with the club and were set to acquire a small symbolic stake in the club before the Glazers decided to “explore strategic investment options”, have always been clear that selling a minority stake is the worst case scenario.
Spokesman Chris Rumfitt reaffirmed that stance to i on Tuesday morning. “Manchester United fans will be very alarmed about anything which props up the Glazers ownership,” he said.
“The club is in desperate need of new investment and it is time for a change of majority ownership.”
Sources close to the INEOS bid declined to comment on the latest reports but counselled caution about second guessing Sir Jim’s intentions.
One source close to the process said they believed Ratcliffe remained “committed” to buying the club and suggested to i this could simply be a way of re-engaging the Glazer family in a process that has been branded “ludicrous” by insiders for its lack of progress.
i has also been told that Sheikh Jassim bin Hamad al-Thani’s Nine Two Foundation remain in dialogue with the Raine Group that are overseeing the takeover process and that their bid remains on the table.
“There is no change to our stance. Our offer is still out there, [and is] still for 100 per cent ownership, as we believe that is the best solution for the club, players and fans,” a source close to the Qatari bid told i.
The issue effectively boils down to this: the Glazer family are not satisfied with the offers of around £6bn that have been tabled by the two main bidders.
While very few have an inside line to the United owners, it has been suggested they were looking for closer to £7bn to part company with the club.
Insiders say there is a split between the siblings about whether to cash in and the complicated nature of the ownership model has also contributed to the slow progress.
The uncertainty is toxic but some argue a proposal to acquire a minority stake is the worst of both worlds for the club, giving the Glazer family fresh capital to spend on much-needed infrastructure projects without the clean break and fresh start that many crave.
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