INEOS and Sir Jim Ratcliffe’s takeover of 25% of Manchester United, which will see the investors take sporting control and two board seats at the club, is likely to be approved and announced “early next week” according to Sky News.
Man Utd Takeover ‘Likely’ to be Completed Early Next Week
New Details of INEOS Deal With The Glazer Family Released
After a year of speculation over the future of the Glazers and the ownership of the Red Devils, Sky have claimed that we should expect an official announcement from the club “early next week”.
Ratcliffe and INEOS, a petrochemical giant and sports investment firm founded by the Englishman, are to acquire 25% of the club. Crucially, the deal is expected to give the company the right to appoint key figures and manage transfers at the club, however, details of how that agreement will work in practice are yet to be released.
The quarter stake of United is expected to cost around £1.3 billion, although the price may change and is dependent on the details of the acquisition of Class A shares. Class A shares are listed on the New York Stock Exchange and require a formal offer to be sent and accepted by investors.
The business magnate is expected to offer more than the shares are worth at face value, with an expected price of $33. He is also understood to have an agreement with the Glazers and their allies to purchase 25% of the B shares at the club, which gives Ratcliffe’s business voting rights in board meetings. This will result in two board seats being held by INEOS.
Man Utd Takeover Previously Delayed, Could it be Pushed Back Again?
Completion of the investment by INEOS has already been delayed, despite fans’ hopes that it would have been completed months ago. Previous reports suggested that a board meeting in October would result in a vote on the sale of part of the club to their preferred bidder. However, the vote did not materialise and reports of progress over a deal went cold.
Fans may fear another delay to the takeover, with the Glazers renowned for holding a tight grip on the club. While it is possible that the deal could take longer than expected to be completed, some announcement next week seems highly likely, at the least. The released details of potential share prices and board seats suggest that there is confidence in the club that the takeover will be finalised soon.
Many United fans will be desperate for new leadership at senior levels of the club after a decade of failure since Sir Alex Ferguson’s retirement. Since the legendary manager left football in the summer of 2013, the club have been unable to win a single Premier League title or Champions League.
On the pitch, the club continues to struggle. Erik ten Hag’s men suffered yet another setback over the weekend, a 1-0 defeat away to Newcastle leaving the Reds seventh. They have lost six league games, more than any other side in the top half of the table, and face being knocked out of the UEFA Champions League group stage, after successive poor performances and results in Europe.
