Man United Sale: Sheikh Jassim Out, Ratcliffe Bid Set for Vote
The 11-month Manchester United sale process could be nearing an end game. On Saturday, Qatari Sheikh Jassim bin Hamad Al Thani pulled his offer for the club, clearing a path for British billionaire Jim Ratcliffe to have his bid for a minority stake accepted.
Sheikh Jassim was set to pay at least £5 billion ($6.05 billion) for 100% of the club, while Ratcliffe will invest more than $1.5 billion for a stake of as much as 25%, according to multiple reports. The deal would keep the Glazer family, which currently owns 69% of the club, in charge of Man United. Ratcliffe is expected to take control of the sporting side of the 20-time English football champions and potentially have a path to be the team’s majority shareholder in the future.
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A vote by the United board on Ratcliffe’s bid is expected as early as this week.
The Raine Group—the bank leading the process—did not respond to requests for comment; Man United declined to comment. Italian soccer journalist Fabrizio Romano was the first to report the end of the Qatar bid.
In November, Man United announced it would seek “all strategic alternatives,” including new investment, a sale or other transactions. Ratcliffe and Sheikh Jassim emerged as the two competing bidders for the world’s most valuable soccer team, which Sportico valued at $5.95 billion, 14% ahead of Real Madrid.
The strategic review was launched largely due to the enormous investment required by the club to renovate or replace its Old Trafford stadium, as well as to keep investing in players. Another issue: The six Glazer siblings who control the team have not always been on the same page regarding the future of the club, according to multiple people familiar with the situation.
Ratcliffe is worth $16.8 billion, according to Bloomberg, and the richest person in the UK. He made his fortune as the founder of chemical giant INEOS, where he is still chairman and largest shareholder.
He already owns two soccer clubs: Lausanne–Sport in Switzerland and Ligue 1’s Nice. In addition, he owns INEOS-branded squads in sailing and cycling, as well as one-third of the Mercedes Formula 1 team, which Sportico valued at $2.7 billion this year, second most in F1 behind Ferrari.
Man United has lost three of its last five Premier League matches and currently sits 10th in the EPL standings. The club also dropped its first two games in the group stage of the UEFA Champions League.
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