Manchester United property bid: Sir Jim Ratcliffe remains the leading candidate to buy the Premier League club
Sir Jim Ratcliffe is still the leading candidate to buy Manchester United; the directors of the New York-listed United holding company met on Thursday to discuss the progress of the £5bn-plus auction of the club; Sheikh Jassim of Qatar has made a fourth best offer for the club
Ineos billionaire Sir Jim Ratcliffe remains the leading candidate to buy Manchester United Football Club, despite an inconclusive board meeting late last week.
Sky News learns the directors of the Premier League club’s holding company met on Thursday to discuss the progress of the more than £5bn auction.
Controlled by members of the Glazer family, but also including a number of independent directors, the board has been kept informed of the sale process by Raine, the investment bank that assists Manchester United.
A source close to the auction said the directors had chosen not to enter into exclusive deals with Ineos Sports or its main rival, Qatari businessman Sheikh Jassim bin Hamad al-Thani.
Sir Jim offers to buy majority stake in United, leaving two of the Glazers involved, while Sheikh Jassim wants to buy the club outright
The source said Ineos remained the “leading” bidder despite a further improved bid from the Nine Two Foundation – Sheikh Jassim’s bidding vehicle – earlier this month. However, another proposition remains possible, with a deal signed with both bidders said to be unlikely before United’s FA Cup final against local rivals Manchester City next weekend.
Sir Jim’s proposed takeover includes put and call deals that would allow him to buy the remaining Glazer shares after three years.
Ineos’ offer would put the value of all of United at between £5bn and £5.5bn.
The Glazers have owned Manchester United since buying them in 2005 for just under £800m, an 18-year tenure marred by protests and a conspicuous lack of trophies since the retirement of Sir Alex Ferguson, the former manager.
United won their first silverware in six years by beating Newcastle United in this season’s Carabao Cup final.
In addition to the two offers that would lead to a change of control, the Glazers have also received at least four credible offers for minority stakes or financial investments in the club. These include a bid from US financial investor giant Carlyle, Elliott Management, the US hedge fund which until recently owned AC Milan, and Sixth Street, which recently acquired a 25% stake. in the long-term La Liga broadcasting rights of FC Barcelona.
The proposals from these investors would provide capital to enable United to rejuvenate the aging infrastructure at their stadium at Old Trafford and training ground at Carrington.
Sky News exclusively revealed the Glazer family’s plan last November to explore a strategic overhaul of the club, which its members have controlled since 2005, kicking off a six-month battle to acquire it.
At a valuation of £5billion or more – lower than the Glazers’ advertised price – a Manchester United sale would be the biggest sports club deal in history.
Part of the justification for such a valuation, according to the bankers, lies in the possible future control of the club’s lucrative broadcasting rights, coupled with the belief that what is arguably the world’s most famous sports brand can be exploited more commercially. New York-listed United shares soared during the trial amid conflicting views on the likelihood of a club sale.
They closed at $18.97 on Friday, giving the club a market value of just under $3.1 billion.
Anger over its participation in the ill-fated European Super League has crystallized fans’ desire for new owners to replace the Glazers, even if any sale to state-linked Middle Eastern investors – such as the Saudi-led takeover of Newcastle United – would have failed. be without controversy.
Avram and Joel Glazer confirmed the launch of the strategic review in November, saying: “Manchester United’s strength is built on the passion and loyalty of our global community of 1.1 billion fans and followers.
“We will evaluate all options to ensure we serve our supporters in the best possible way and that Manchester United maximizes the significant growth opportunities the club has today and in the future.”
The Glazers listed a minority stake in the New York company in 2012, but maintain overwhelming control through a dual-class shareholding structure, meaning they have nearly all voting rights. A Manchester United spokesman declined to confirm a board meeting had taken place
