Manchester United buyer chosen by Glazers and proposals from Sheikh Jassim and Sir Jim Ratcliffe have been juxtaposed
Manchester United buyer chosen by Glazers and proposals from Sheikh Jassim and Sir Jim Ratcliffe have been juxtaposed
INEOS CEO Sir Jim Ratcliffe and Qatari banker Sheikh Jassim bin Hamad Al Thani are seeking to complete the purchase of Premier League side Manchester United from the Glazers
Hopefully a resolution to the Manchester United takeover saga is imminent.
The Glazers put United up for sale seven months ago, but we’ve yet to find out who the preferred bidder is. Qatari banker Sheikh Jassim bin Hamad Al Thani is the favorite to win the fight and INEOS boss Sir Jim Ratcliffe is also in contention.
Other investors are keen to take a minority stake in United, but the Glazers will face a fan uproar if they pull out now. The Americans are wildly unpopular and fans are dying to turn their backs on them after a decade without a Premier League title. Sheikh Jassim and Ratcliffe are both desperate for the keys to Old Trafford and have made very different offers. Here, Mirror Football takes a look at what the two billionaires are offering United fans as a decision on the club’s future looms.
Sheikh Jassim
This month, Reuters reported that United is in talks to grant exclusivity to the Sheikh Jassim consortium. This is quite a confusing statement as it suggests that the Qatari banker has won the takeover race. But he should still be named as the preferred bidder. If Sheikh Jassim wins the tender, he wants to buy 100% of the club. The Glazers and all minority shareholders are bought out. The billionaire has also promised that his offer is “completely debt-free” and will invest heavily in the infrastructure of the team and the club.
United fans can expect a hefty transfer budget from Erik ten Hag, with Kylian Mbappé rumored to arrive, and Old Trafford set to either be redeveloped or completely rebuilt. Sheikh Jassim’s wish is to “restore the club to its former glory, on and off the pitch”. Sheikh Jassim’s takeover is supported by his Nine Two Foundation, but we know little about how the foundation is funded. He is the son of a former prime minister of Qatar and president of the Qatar Islamic Bank (QIB). QIB’s largest shareholder is the Qatar Sovereign Wealth Fund.
Sheikh Jassim’s close ties to the state of Qatar are why many critics believe he is merely backing a Qatari-backed bid. If so, United could have unlimited assets in the transfer market to compete financially with Manchester City and Newcastle. Sir Jim Ratcliffe
Despite Sheikh Jassim’s bid going through, Ratcliffe is still in the running. He is the managing director of the chemical company INEOS and is often referred to as ‘Britain’s richest man’, such is his wealth. The 70-year-old is also a local boy, originally from Failsworth in Greater Manchester.
Ratcliffe wants to buy a controlling stake in United instead of 100%. Basically, his offer leaves two family members Glazer-Joel and Avram-co-owners. That could turn the bidding war in his favor later on.
The Glazers are split over the sale of United. Darcie, Kevin, Bryan and Edward are all happy to sell, while Joel and Avram – who are the co-presidents – want to stay on at the club. If Ratcliffe’s bid wins, his reign won’t mark a sharp break with the recent past.
Ten Hag is expected to receive a smaller transfer budget if Ratcliffe beats Sheikh Jassim in the takeover race. Nor has he promised to cancel United’s existing debt, which is a sore point for fans. United have run up more than £500m in debt.
INEOS already owns Nice in France and Lausanne-Sport in Switzerland. UEFA has multi-club ownership rules but this shouldn’t be a problem as United are unlikely to face either club in Europe. As such they could become feeder clubs for United. Like Sheikh Jassim, Ratcliffe’s bid will also see Old Trafford refurbished or completely rebuilt. Whatever happens, this is a must for United.
Preferred bidder?
United fans are divided on this issue. Many are concerned about Sheikh Jassim’s close ties to the state of Qatar, which has a poor human rights record and was heavily criticized during the recent World Cup. You don’t want to be misused as a “sports wash” tool.
These fans would also love to see Ratcliffe win the race as a local hero. Still, many United fans, especially away fans, want Sheikh Jassim to win because he will give the Glazers an easy win and write off their debt.
His Qatar ties also make it more likely that Sheikh Jassim will bring United back to the top of European football. INEOS’ questionable environmental record also raises concerns. Many activists have protested against the company in recent years.
Ultimately, there is no right or wrong answer as to who United should take charge of as both offers are open to discussion. Sheikh Jassim and the Glazers are said to be on the same wavelength regarding the takeover and appear to be close to a deal.
Even if a deal is reached, it could take some time for both sides to finalize everything and pass the Premier League owner and driver test. Expect more twists and turns in this long-running acquisition saga in the coming weeks.