18 October 2023 , 19:38
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Former Premier League striker Jan Age Fjortoft says that the Glazers must be "geniuses" after agreeing to sell just a quarter of Manchester United to Sir Jim Ratcliffe for a huge £1.4billion.
Ratcliffe, Britain's second-richest man and founder of petrochemical conglomerate INEOS, is expected to take charge of United's footballing operations once the deal is done, while the Glazers will retain control from a financial standpoint as majority owners. The American family - made up of six siblings, including United bigwigs Joel and Avram Glazer - were split on a full sale of the club, so will instead receive investment from Ratcliffe and, as Fjortoft explains, no longer have the pressure of sorting out the football.
"The Glazers must be geniuses!" the ex-Swindon, Middlesbrough, Sheffield United and Barnsley ace posted on social media. "Still in control of Manchester United; financially they can still do whatever they want; the 'sport-department', where they are judged/criticised, they give Ratcliffe responsibility for; and they get paid a fortune! Must be a party at the Glazers'!"
It's unclear how much fiscal power INEOS will have once the deal has been completed, as United have a Class A and Class B share structure which Ratcliffe will've had to straddle. Exclusively held by Glazer family members, Class B shares are worth 10 times their Class A equivalent when it comes to voting on crucial club decisions.
Ratcliffe's track record in business suggests that he won't be bullied into settling for little power at the club, especially since his investment is the first step towards what he hopes to be a full takeover. For now, though, the Glazers will remain in charge.
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INEOS' 25 per cent acquisition isn't likely to be announced for several weeks, with important details still needing to be ironed out. Ratcliffe, however, is the sole remaining bidder and has fought hard over the past 11 months to ensure that he wins the race for Old Trafford.
Have your say! Have the Glazers pulled off a business masterclass? Let us know your verdict in the comments section.
Sir Jim Ratcliffe will have control over footballing operations at Manchester United (PA)On Saturday, it emerged that rival bidder Sheikh Jassim bin Hamad Al Thani had pulled out after the Glazers rejected his final offer, reported to be worth more than $6bn (£4.9bn). The Qatari banker wanted 100 per cent ownership of the club, despite the Glazer family actually only owning 69 per cent.