Man Utd’s board are set to meet on Thursday to vote on the proposal by INEOS and Sir Jim Ratcliffe to purchase a 25% stake in the Premier League club, according to BBC Sport. A deal is understood by The Athletic to have been agreed in principle, although its fate rests in the hands of the twelve voting board members.
[metabet_core_side_odds_tile query=”soe/soccer_finish_top_4″ size=”350×300″ site_id=”lastwordonsports”]
Man Utd Takeover: The 12 Who Can Approve or Kill Sir Jim Ratcliffe’s n Deal
Who are the Voting Members of the Board? And How Many are Glazers?
Co-chairmen Joel Glazer and Avram Glazer lead the board of directors at United and own 19% and 14% of the club’s shares, respectively. Another four Glazers, their siblings Darcie, Bryan, Edward and Kevin have shares and voting rights on the board.
Watch: Interview with Manchester United’s App Editor
As a result, six of the twelve voters are relatives of the co-chairmen who will likely have already agreed to the terms of any deal presented to the board. The family owns 69% of the total shares issued by the club.
Read More: Billionaire ‘Emerging As The Frontrunner’ To Be New Man Utd Owner As Takeover Takes Another Twist
CEO, CFO & Legal Counsel Make Three of Twelve
Three employees of the club hold voting rights, namely Chief Executive Officer Richard Arnold, Chief Financial Officer Cliff Batty and United’s legal council Patrick Stewart.
Arnold is likely the name most familiar to fans, as he took over from the much-maligned Ed Woodward in February 2020. Woodward had originally announced his decision to resign the previous April, after the catastrophic decision to support the creation of the European Super League.
Read More: Grading Man Utd’s Permanent Managers Since The Departure Of Sir Alex Ferguson
Who are the Mystery Trio of Man Utd Independent Directors & Voters?
Three independent directors represent the minority shareholders and hold voting rights on the board. These individuals are not hired by the club and have no financial interest in it. Their job is to provide oversight and to vote objectively on whether the deal is the right move for the club and all of its stakeholders.
Robert Leitao is one of these people and is a managing partner at leading bank Rothschild. Another director, Manu Sawhney, joined United’s board after leaving his position as CEO of the International Cricket Council.
The third and final independent director is John Hooks, who was previously President of Ralph Lauren in the Middle East and Europe division, as well as the deputy chairman of Georgio Armani.
Read More: “Withdrawn From The Process”: Potential Buyer Ends Manchester United Takeover Bid
How Will the Vote Work?
Since the initial public offering of Manchester United on the New York Stock Exchange in August 2012, the rules of a vote of the board of directors have been required to be made publicly available through the Security Exchange Commission and can be found online.
The rules stipulate that a majority is required to approve any deal or other questions posed to the board. If the board cannot agree by a majority and is evenly split, the chairman or co-chairman (Joel and Avram Glazer) “shall have a second or casting vote”. There is no veto according to the listed articles of association.
Read More: ‘Magnificent’ Manchester United Star Receives ‘Blow To His Ankle’
Will the Man Utd – INEOS Takeover Deal Be Approved?
It is unlikely that a deal would be tabled without both of the co-chairman’s approval, meaning that two of the twelve votes, as well as any tie-breaker, should be in favour of the deal. If the four other Glazers agree to the deal, then it will undoubtedly pass.
Alternatively, in the event of a Succession-style feud between the Glazers over the deal, the three independent directors and the CEO, CFO and Legal Counsel may play a vital role in the club’s future by deciding whether to ratify or refuse INEOS 25% takeover.
[metabet_core_side_odds_tile query=”soccer_game_player_score_at_least_two_goals/536630″ size=”350×300″ style=”fraction” site_id=”lastwordonsports”]
However, it seems unlikely that a deal would fail following the quick move towards a vote. Furthermore, the decision by Sir Jim Ratcliffe to agree to lower his company’s stake from 100% to 25% is likely to offer the Glazer family suitable flexibility for those wishing to sell or dilute shares and those wishing to hold.
While the vote is slated for Thursday, INEOS have significant work in the meantime to hash out the finer details of the agreement. In particular, it is understood by The Times that they wish to take control of the football operations by 2024. How that takes place and what that looks like in practice, is yet to be seen.
