Man Utd takeover: Favourite REVEALED as bid 'dead in the water'

Tom Weber

Updated: 29 Jun 2023 10:23 CDT
3 min read

Sheikh Jassim, Sir Jim Ratcliffe, Man Utd — © ProShots

The Manchester United takeover saga really does appear to be nearing its conclusion after more details about the current state of the two bids have emerged.

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Bloomberg reported on Wednesday that Sheikh Jassim and his camp were growing increasingly confident of securing a deal and beating out the competition from INEOS bigwig Sir Jim Ratcliffe. The British billionaire is said to have infuriated Red Devils shareholders with his proposal of a partial buy-out.

This revelation caused a wave of optimism within Sheikh Jassim's camp, though it had been known for quite some time that the Qatari banker was bullish about getting this deal over the line. The fact that he submitted a total of five offers attests to that.

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The main roadblock has always been the current ownership. It's still unclear whether the Glazers are willing to sell at all or whether this was all just an elaborate ploy. Moreover, the prospect of a partial buy-out that would see them retain a stake in the club must be quite attractive to them, but it seems that this prospect is no more.

Ratcliffe's bid 'dead in the water'

According to Bloomberg's David Hellier, the INEOS takeover is "absolutely dead in the water" because of the way the deal is structured. Ratcliffe's bid would see him buy out the Glazers, but it "would not offer anything to the minority holders."

Speaking to the United View, Hellier continued: "They [the minority owners] have made it absolutely clear to the Manchester United board via a letter that if you recommend this offer, which prejudices us, gives us no offer at all, we end up with discounted shares while the Glazers get everything, we will sue."

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United's three directors will "never ever recommend that bid under these circumstances." "I was told," he added, "by the sources that Ratcliffe's bid is dead."