Man Utd takeover: Ratcliffe to revise bid as he 'wants control at all costs'

Tom Weber

Updated: 26 Sept 2023 16:04 BST
3 min read

Sir Jim Ratcliffe is working on restructuring his Manchester United takeover bid, according to a report.

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News regarding the British billionaire's attempt at acquiring control of the Red Devils had gone quiet ever since Bloomberg's David Hellier had claimed that the INEOS boss' bid was "dead in the water."

Though Ratcliffe revealed at a book launch that he would still like to complete the takeover, it initially seemed as though his adversary Sheikh Jassim had stolen a march on him, only for the Qatari bigwig to be disappointed himself when it became clear that the Glazers may not sell after all.

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The saga is still ongoing, however, and the same Hellier has now claimed that Ratcliffe is revising his offer to "get back into the game." Minority investors had expressed concerns regarding his initial offer which would have only bought out the Glazers - and perhaps doing so gradually - while they were to receive little to nothing from the sale.

Ratcliffe is now seeking to address this in order to break the current deadlock, but that doesn't mean that he will significantly raise his offer.

"Control at all costs"

According to journalist Ben Jacobs, this restructuring is just another attempt by Ratcliffe to get the best deal possible. Ratcliffe has always been flexible, says Jacobs, and the gradual buyout of the Glazers is just one scenario the billionaire has suggested.

"Ratcliffe has also discussed multiple other options and structures, including simply taking the Glazers' full 69%," writes Jacobs. "He is an experienced negotiator simply trying to find a way to win, but within his budget."

"That's also why he doesn't want 100%. He doesn't see the point in paying extra if he can get control with less upfront. This is a point of contention with some shareholders."

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"Not a lot has changed," he continued. "Ratcliffe wants control at all costs but is flexible on how he gets it. Sheikh Jassim's bid remains all or nothing. He won't entertain a structure that involves any Glazer staying."

"Another bid from Sheikh Jassim also can't be ruled out. Those close to [the] sale do concede form, and off-field drama, can negatively influence the price."