Man Utd takeover – news: Sir Jim Ratcliffe and Ineos submit improved bid for club
Sir Jim Ratcliffe and Qatari banker Sheikh Jassim are the frontrunners in takeover from the Glazer family
Sign up to Miguel Delaney’s Reading the Game newsletter sent straight to your inbox for free
Sign up to Miguel’s Delaney’s free weekly newsletter
Neither of the two leading bids for Manchester United, fronted by the Qatari banker Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe, submitted their improved offers for the club by Wednesday’s deadline, The Independent understands.
Both parties had until 9pm to submit their offers but have instead asked for an extension, which they were granted. It is understood both groups will submit their second, improved bids on Thursday, with the offers for the club expected to be more than £5bn.
Ratcliffe’s INEOS group and the bid fronted by Sheikh Jassim were expected to submit their offers in advance of the deadline, but in a dramatic twist it emerged the Raine group received neither offer. An extension to the process has been granted, however, and both Ratcliffe and Sheikh Jassim both intend to meet the new deadline.
The Glazers, who bought Manchester United for £790m in 2005 and saddled the club with debt, want around £6bn, which would be a record fee for a football club. Follow all the latest updates on the takeover below:
Sir Jim Ratcliffe will not pay ‘stupid money’ for Manchester United
Sir Jim Ratcliffe says he will not pay a “stupid” price to acquire Manchester United as the petrochemicals billionaire prepares to go up against Qatari Sheikh Jassim in the race to buy the Premier League club.
The INEOS chief executive and his team held talks with United last Friday during a visit to Old Trafford and the Carrington training complex.
In an interview with the Wall Street Journal, the 70-year-old said: “How do you decide the price of a painting? How do you decide the price of a house? It’s not related to how much it cost to build or how much it cost to paint.
“What you don’t want to do is pay stupid prices for things because then you regret it subsequently.”
Paul Scholes hopes fan unrest ends if Manchester United get new owners
Paul Scholes hopes the potential sale of Manchester United will bring to an end years of fan unrest.
The Glazer family are considering selling the Old Trafford giants after 18 years of controversial ownership.
The Americans have invited interested parties to submit plans to take the club forward, which could either mean a full takeover or significant investment.
So far two bidders, Ineos owner Sir Jim Ratcliffe and Qatari businessman Sheikh Jassim, have gone public with plans to take outright control of the club but there could be other interest.
Former United midfielder Scholes has no preference over who might take charge but just hopes it does happen for the sake of harmony.
Paul Scholes hopes fan unrest ends if Manchester United get new owners
The unpopular Glazer family could sell the club.
Manchester United not worth Glazers’ valuation says finance expert
Football finance expert Kieran Maguire says the suggestion that the Glazer family would receive more than £5bn for the Red Devils is way off the mark.
In a similar comparison, Todd Boehly’s consortium bought Chelsea for £4bn and with Manchester United being a more historically rich and successful side, not to mention more commerically viable, then the Glazers’ valuation doesn’t seem too over the top.
“Manchester United is a much bigger football club than Chelsea,” Maguire told CNN. “It’s got a bigger ground. It’s got a bigger fan base. It’s a much more well-known brand.
“It’s a bit like putting up your house for sale and you give a rough guide price. The Glazers are looking for $7.2 to $9.6 billion. It’s probably not worth that … and it comes down to how much each party is willing to compromise or to pay in terms of extra financial commitments.”
Qatar takeover of Man United would be new low for English football
A Qatari state takeover of Manchester United would be nothing short of an English football travesty, writes Miguel Delaney.
This is a moment of enormity for the sport. The concern is two-fold, both having a multiplying effect on the other to pose a potentially irreversible impact on the game. At its moral core, there is English football’s biggest club being made to represent the biggest problem in football right now. United would be politically used to mitigate one of the most criticised human rights records on earth, centred on a labour system described as modern slavery, consequently making this noble institution complicit.
United would no longer just be about Salford, Manchester and a community of fans thrilled by a glorious history of adventure and defiance. It would be about Qatar, its foreign policy and the kind of issues that just shouldn’t be a concern for football. “Sportswashing” is too soft a description for what is actually happening here, especially when you consider the other issue.
The purchase of United by a state bid would mean the three primary countries driving the Gulf blockade all finally own major clubs in England, including the biggest of all. What would it say for what the Premier League is? The most watched league in the world would become the most morally compromised, by far greater degrees. The competition would be turned into a political arena. Manchester would be turned into a political arena. Nobody should be under any illusions about that.
Read Miguel’s full piece on the implications of a Qatari takeover of Man Utd:
Qatar takeover of Man United would be new low for English football
Manchester United would no longer just be about Salford, Manchester and the community of fans
Sheikh Jassim ‘willing to overpay’ for Manchester United
Sheikh Jassim Bin Hamad Al Thani would now be “willing to overpay” for Manchester United with a figure closer to the Glazers’ £6bn price tag when he makes a second bid for the club on Wednesday say Sky Sports.
It was previously expected that the Qatari bidders were determined not to pay over the odds for the club, a stance echoed by Sir Jim Ratcliffe, the visit to Old Trafford by a delegation representing Sheikh Jassim has changed things.
Following long, constructive meetings and consultations with his bankers and advisers in Qatar last Friday Sheikh Jassim is said to be putting together what he believes will be a compelling offer for the club.
The most expensive Premier League takeovers in history
2022: Todd Boehly for Chelsea, £4.25bn
The most expensive takeover in Premier League history to date happened last year in the wake of Russia’s invasion of Ukraine. Sanctions placed on Roman Abramovich, an oligarch with ties to Vladimir Putin’s government, forced the Russian to sell the London club he had owned since 2003. Chelsea drew interest from a number of consortiums and wealthy individuals, pushing the potential sale price up to in excess of £4 billion, with a consortium fronted by American investor Todd Boehly sealing the takeover in May 2022.
A part owner of the Los Angeles Dodgers and Los Angeles Sparks, Boehly’s ownership of the club has so far seen a major outlay in the transfer market, with the businessman’s erratic transfer strategy and heavy involvement in the football side of the club criticised by some. Reported clashes between Thomas Tuchel and Boehly brought an end to the German manager’s tenure at Stamford Bridge last September, with Graham Potter appointed as Tuchel’s replacement.
The most expensive Premier League takeovers in history
2005: Glazer family for Manchester United, £790m
The Glazer family first to took a minor stake in Manchester United in 2003, slowly buying out other shareholders over the next two years to complete a full takeover in 2005. Patriarch Malcolm Glazer, who also led the purchase of NFL franchise the Tampa Bay Buccaneers, died in 2014, leaving control of the club in the hands of his six children.
Sons Joel and Avram have been most heavily involved and suffered significant criticism, with Old Trafford in need of refurbishment and Manchester United’s on-field fortunes suffering a down-turn after the retirement of Sir Alex Ferguson. The Glazers now appear on the brink of a sale.
The most expensive Premier League takeovers in history
2008 onwards: Stan Kroenke for Arsenal, £731m
American billionaire Stan Kroenke has been involved with Arsenal since 2008, spending a total of in excess of £700 million to take and maintain majority control of the club. The septuagenarian is also a team owner in the NFL, NBA, NHL and MLS.
In 2018, his buyout of former club shareholder Alisher Usmanov valued Arsenal’s shareholdings at £1.8 billion. After an extended period without mounting a serious title challenge, the London club are currently top of the Premier League under manager Mikel Arteta.
The most expensive Premier League takeovers in history
2021: PIF for Newcastle, £300m
A consortium led by the Saudi Public Investment Fund completed their takeover of Newcastle in October 2021. The deal was delayed after initial resistance from the Premier League amid significant criticism from human rights groups and reports of influence on the league from Qatar-based television partner beIN Sports, but was eventually concluded after a protracted 18-month process.
Increased investment has allowed Eddie Howe’s side to establish themselves as top-four challengers this season.
The most expensive Premier League takeovers in history
2010: Fenway Sports Group for Liverpool, £300m
Already the owners of Major League Baseball’s Boston Red Sox, Fenway Sports Group (FSG) completed their purchase of Liverpool in October 2010. Led by billionaire John W Henry, the sports investment conglomerate was founded in 2001 and their investment helped Jurgen Klopp assemble the first Premier League title-winning Liverpool side.
But FSG have proved increasingly unpopular among Liverpool supporters, with Henry apologising to fans for the club’s proposed involvement in the failed European Super League project, and FSG confirmed late last year that they would be willing to consider new shareholders amid reports the club was up for sale.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies