The Glazer family’s influence will be phased out (Picture: Getty Images)
Sir Jim Ratcliffe has negotiated a clause that will see Ineos take control of footballing operations at Manchester United, according to reports.
The British billionaire is set to complete a deal for a 25% stake in the Red Devils after Qatari banker Sheikh Jassim withdrew from the takeover race.
Both parties had been locked in a bidding war since the Glazers announced their plans to sell United almost a year ago but neither were able to convince the American family to commit to a full sale – with some reports suggesting they were holding out for as much as £10billion.
The Qatari bid is understood to have been for a full takeover and valued the club at around £5bn – half the Glazers’ asking price – while Ratcliffe’s initial proposal was for a majority stake.
After months of talks, Sheikh Jassim has now decided to walk away while Ineos founder Ratcliffe is on the verge of securing a 25% stake for a fee in the region of £1.5billion.
It is far from the ideal solution – particularly for fans, who are desperate to oust the Glazers – but the deal is intended to be the first step towards a full takeover from Ratcliffe.
The influence of the Glazers will also be immediately diluted, with The Telegraph reporting that the 70-year-old has secured a clause which will give control of sporting matters to Ineos.
Ratcliffe has had to change his bid on multiple occasions (Picture: Reuters)
Although the Glazers have an astronomical price tag, Ratcliffe’s offer is actually a significant premium on market valuations for just a quarter stake and control of the footballing operations has been priced into the offer.
While the controversial American owners would remain at the club, they would be asked to take a back seat as Ratcliffe and Ineos take the reins.
It is felt that such a move is an important step to appease disgruntled United fans who are desperate to see the back of the Glazers.
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According to the Daily Mail, Ineos are thought to be keen to make a swift impact at Old Trafford and are primed to begin right away by virtue of their experience with other sporting organisations and football clubs.
Ratcliffe’s proposal is expected to be ratified over the coming days, meaning Ineos could be in control of United’s business in the January window.
Britain’s richest man is expected to make significant efforts to get supporters onside and win over the fanbase by relying on his local background, while he intends to make United ‘the number one club in the world once again’.
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