Sir Jim Ratcliff Frontrunner To Take Over Manchester United As ‘Qataris’ Pulls Out
Sir Jim Ratcliff is the front runner to buy an initial 25 percent stake in Manchester United after Sheikh Jasim withdrew from the race on Saturday. Qatari tycoon withdrew his € 5 billion bids to Manchester United. The glazer family has owned the Manchester United since 2005.
The protracted battle to win over buying the Premiere League club from the Glazer family, who put it on the market on last November, had been a contest between Sheikh Jasim’s Nine Two Foundation and Ratcliff’s INEOS petrochemical empire.
Initially both the bidders did not meet the Glazer’s asking price $8 billion, as both the parties valued the club at closer to $6.3 billion, reports the Athletic. The Qatari”s offer was for 100 per cent control of United and a fully cash bid that would have cleared the club”s debt, with the promise of revamping Old Trafford and plans for community projects across Manchester, says Manchester Evening News.
Giving a twist on Saturday night, the Qatari Royal has informed the Glazers that he was withdrawing from the process. And thus, Ratcliffe’s bid will first be ratified by the Manchester United next week. If the deal goes through, it will put an end to the ongoing takeover saga.
Meanwhile, The Manchester United Supporters Trust (MUST) has urged the Glazer family to make their position clear.
The club are in the 10th in the Premiere league having lost four of their opening eight matches, and were beaten in their first two Champions League games. No public comment has been made by both the parties yet.
The Glazer family too hasn’t made any public statement ever since launching their “strategic review” around United in November, which they said could leave to a sale.
While Ratcliff also owns cycling team INEOS Grenadiers, Ligue 1 side Nice and FC Lausanne-Sport, a Swiss Super League Club. He had previously mentioned about his love for Manchester United.
