The British billionaire is set to secure a 25% stake in the club (Pictures: Getty / Reuters)
Gary Neville is not convinced that Sir Jim Ratcliffe’s looming investment in Manchester United can solve the club’s issues and says it leaves ‘more questions than answers’.
After a bidding process that has lasted nearly a year, Qatari banker Sheikh Jassim has withdrawn his offer to pave the way for Ineos founder Ratcliffe to secure a 25% stake in the club for a fee in the region of £1.5billion.
While that only represents a minority share, the Glazers are set to take a back seat with Ratcliffe having negotiated control of football operations as part of the deal.
United legend Neville would have preferred a full takeover that ends the Glazer family’s involvement with the club and is yet to be won over by Ratcliffe’s investment.
Neville, who co-owns Salford City, is unconvinced the Ineos bid can trigger the changes that are required to overhaul United on and off the pitch and has outlined 16 questions he believes must be answered.
Writing on X on Sunday afternoon, Neville posted: ‘The news last night of the Qatari withdrawal leaves Manchester United on the brink of a minority investment. Can this really work and what impact will it have on a struggling organisation?
‘It’s worth setting out my non-negotiables on a takeover of Manchester United that I made over a year ago.
‘1. A new sporting project; 2. A new or redeveloped Old Trafford; 3. A New training ground; 4. Full redevelopment of the surrounding land to create a Manchester United World and amazing fan experience; 5. Pay off the debt and stop taking dividends until the above is done.
Ratcliffe has been working on a deal for United for almost a year (Picture: Reuters)
‘I’m adding a 6th due to events in the last 2-3 years: 6. The club requires leadership that is statesmanlike on major issues that enables a fairer, more inclusive and diverse game. Leadership that builds a positive environment and culture whilst adhering to the clubs values and principles and one that is willing to make tough decisions to prevent an erosion in the clubs public image.
‘How does a minority stakeholder positively impact the club to achieve the above? Can a minority shareholder have any impact on the above. It leaves more questions than answers.
‘My preference is and always will be now for a Glazer family full exit. They have overstayed their welcome in Manchester yet seem oblivious to this fact.
The Glazers will retain the largest stake in United (Picture: Getty)
‘There is much up in the air but I threw down the following questions I’m sure fans would like answering. There will be lots more but here’s a starter for 16…
‘1. What does the distribution of funds look like? Is all the cash being taken out of the club?
‘2. Which Glazers are going or is it a family dilution?
‘3. How does it impact the NYSE shareholders?
‘4. Does the executive stay the same?
‘5. Does the sporting side stay the same above the manager?
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‘6. Who within the board has sporting control?
‘7. Are there future dilution clauses with the Glazer family in any deal you do as a minority shareholder? When are they?
‘8. We’re maxed out on the credit card and debt. How is this deal going to change the capital structure and financial issues the club has?
‘9. Is any further debt being placed on the club?
‘10. Is any debt being paid off?
‘11. How does this deal impact the board composition?
‘12. How does a minority shareholder impact the negative culture within the entire organisation?
There is overwhelming anti-Glazer sentiment from United fans (Picture: Reuters)
‘13. Old Trafford is tired and is in need of significant redevelopment. How does this deal resolve this issue?
‘14. Will this deal allow the development of the training ground to its required standard?
‘15. Old Trafford requires significant investment on its surrounding land. Does this deal impact this requirement positively or does it leave it as a concrete wasteland?
‘16. How does a minority shareholder stop cultural decline across a whole organisation if the people who have overseen this decline still have a majority shareholding?’
Both Ratcliffe and Sheikh Jassim were required to sign non-disclosure agreements when they entered the bidding process and have been prevented from speaking publicly about their proposals, though more details could emerge once the Ineos offer has been rubberstamped – which is expected to happen this coming week.
MORE : Sir Jim Ratcliffe negotiates clause that gives him control of sporting matters at Manchester United
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