- On Friday evening, Sheikh Jassim withdrew his interest in the position after he declined to enhance his offer.
- Instead of pursuing a 25% ownership, Sir Jim Ratcliffe, CEO and chairman of INEOS, will pursue something else.
- The United supporters are hoping for clarification after the ownership dispute that has lasted for months and months.
It has been requested by the Manchester United Supporters’ Trust that additional clarification be provided regarding the true meaning of Sir Jim Ratcliffe’s proposed 25% minority investment.
Sheikh Jassim bin Hamad Al Thani, a billionaire from Qatar, withdrew from the bid battle on Saturday night. He had been pursuing a full 100% takeover of the club, which would have been worth £6 billion with the clearance of debts.
It is said by 90min that the Glazer family’s valuation of the club, which is believed to be close to the £10 billion threshold, was the reason for his decision to withdraw from the process.
The chief executive officer and chairman of the petrochemicals company INEOS, Ratcliffe, has instead agreed to purchase a minority investment in United that is equal to twenty-five percent, with the purpose of gaining full control of the club at a later time for himself. Nevertheless, the acquisition will not be finalized unless Ratcliffe has the first option to purchase further shares that are available.
Some of the expenses that have been paid for by the club’s earnings include dividends, director remuneration, and management fees. Additionally, nearly £500 million worth of shares have been sold, and the proceeds have not been reinvested. Supporters of Manchester United have been protesting against the Glazers’ ownership of the club for a long time. Many of them have criticized the Glazers’ strategy of taking money out of the club and increasing debt.
As a result of the announcement that Sheikh Jassim has decided to withdraw from the team, the Manchester United Supporters’ Trust has published a statement in which they urge all parties involved to prioritize the interests of the club. The nature of the proposed transaction, however, has been called into doubt by them, and they have stated that many issues have still to be answered.
The very least that supporters ought to anticipate at this point is the arrival of some clarity and the conclusion of this process. In addition, the outcome must entail the introduction of fresh financial resources into the club. According to the statement, which was obtained from the BBC, “it cannot be solely about the interests of shareholders, whether existing or new to the company.”
“We call upon all parties to put Manchester United interests before their own interests.”If it turns out that the reports about Ineos acquiring a 25% share in our club are accurate, then there are a number of problems surrounding the transaction that need to be clarified before supporters can make any kind of decision regarding its merits.
It would be outrageously naïve to imagine that the Glazers are operating in the interests of fans or making judgments that are not centred on their own priorities, according to a follow-up statement that was conveyed by journalist Simon Stone. Nevertheless, what supporters ought to anticipate at this point is clarification and a conclusion to this process.It would be an overly optimistic assumption to believe that the Glazers are operating in the best interests of their supporters or making judgments that are not centered on their own desires. At this point, however, fans should anticipate that there will be clarity and an end to this process.
In what ways does Sir Jim Ratcliffe’s shareholding in Manchester United affect the Glazer family?
It is not yet clear whether the Glazer family will give up their sports authority to Ratcliffe; this has never been an overriding interest for the Glazer family. Regardless, the Glazers will continue to play a prominent role in the club.
Given that the Glazers have cashed in over £165 million in dividends since their leveraged purchase in 2005, which amounts to more than £9 million year, it is possible that they would be unwilling to give up such a revenue stream.
The club’s board of directors will have a vote in the following week to choose whether or not to accept Ratcliffe’s proposal after it has been presented. Even though they hold ninety-six percent of the voting rights, the six Glazer brothers only occupy half of the dozen seats. They will make this transaction happen if they want it to be successful.