London, Oct 15: Sir Jim Ratcliffe’s Ineos group wants to assume control of the football operations side of Manchester United’s business from the Glazer family if a 25% offer worth an estimated £1.3bn is approved.
The British billionaire is thought to be increasingly confident of securing what he hopes will be the first stage of an eventual buyout.
The BBC was told that his principal rival – Qatari banker Sheikh Jassim bin Hamad Al Thani – had withdrawn from the process to buy United.
He failed to meet the Glazers’ valuation with his 100% offer and grew frustrated with their demands.
Both groups had tabled bids of about £5bn.
It is not clear how an Ineos minority stake would be structured and if the Glazers would accept it.
Ineos is thought to hope that if it were to be in charge of the football side of the club’s business with a quarter share, it may reassure supporters unhappy that the Glazers will remain at United.
Former United captain Gary Neville asked on social media: “Can this really work and what impact will it have on a struggling organisation?”
After listing six things he believed were “non-negotiable” for a takeover, Neville said: “How does a minority stakeholder positively impact the club to achieve the above? Can a minority shareholder have any impact on the above?
“My preference is and always will be for a Glazer family full exit. They have overstayed their welcome in Manchester yet seem oblivious to this fact.”
Manchester United Supporters Trust released a statement saying: “What supporters should expect at the very least now is some clarity and an end to this process. Furthermore, the outcome must include new investment into the club. It cannot be solely about the interests of shareholders, whether existing or new.
“We call upon all parties to put Manchester United interests before their own interests. (AP)
