24 December 2023 , 16:16
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It has only taken 397 days but, after more false starts than notable updates, the Glazers have relinquished some control of Manchester United.
Fans desperate for a complete sale of the club have been left disappointed and, in some cases, angry. But the INEOS era promises a major overhaul of the club’s football operations and a fresh wave of investment.
Sir Jim Ratcliffe has bought 25 per cent of the club for £1.3billion - but that was not his intention at the start of a process that has lasted far longer than anyone envisaged.
Here is the timeline of key events, from the announcement last November to today’s announcement.
November 22, 2022
Marcel Sabitzer completes Man Utd transfer after last-minute deadline day dash
Manchester United publish a 333-word statement that says the board is “commencing a process to explore strategic alternatives for the club.”
It was immediately framed as the Glazer family planning to sell their stake but concluded with a warning. Raine Group, the US merchant bank that oversaw the sale of Chelsea, was entrusted to oversee the process. “There can be no assurance that the review being undertaken will result in any transaction,” the statement concluded, failing to provide any further details around the timeline.
February 17
Weeks of rumours see everyone from Elon Musk to Jeff Bezos via a consortium led by David Beckham linked with a bid but on a Friday evening it is announced that an unknown Qatari businessman, Sheikh Jassim, was submitting a bid to buy 100 per cent of the club.
“The bid plans to return the club to its former glories both on and off the pitch, and – above all – will seek to place the fans at the heart of Manchester United Football Club once more,” a spokesperson said.
February 18
A few hours after the Sheikh Jassim offer was made public, INEOS announced they were looking at a “majority shareholding in the club.” In a statement, the petrochemical firm: "We would see our role as the long-term custodians of Manchester United on behalf of the fans and the wider community.
"We are ambitious and highly competitive and would want to invest in Manchester United to make them the No1 club in the world once again. We also recognise that football governance in this country is at a crossroads.
“We would want to help lead this next chapter, deepening the culture of English football by making the club a beacon for a modern, progressive, fan-centred approach to ownership.”
Separately, US hedge fund Elliott Management submitted a proposal for a minority stake.
Man Utd deadline day live updates as Sabitzer completes loan move
February 28
Avram Glazer attends the EFL Cup final at Wembley and sees United defeat Newcastle. But the same day sees reports that the siblings are split on a sale after none of the bids met their £6billion evaluation.
March 5
INEOS, Sheikh Jassim and Elliott progressed to a second round of bidding with other offers, including one from Finnish entrepreneur Thomas Zilliacus, rejected. A second round for bids is opened with the Glazers hoping to drive the price up.
March 16-17
Delegations from INEOs and the Qatari group visited Old Trafford and the Carrington training ground, while having discussions with key figures at the club. Sheikh Jassim was not in attendance when his party received their tour, but Ratcliffe was present alongside with his INEOS co-owners.
March 22
Raine extended the deadline for second round offers, with the new INEOS bid arriving a day later and Sheikh Jassim’s improved submission 24 hours after that.
April 11
But those offers do not meet the Glazers’ expectations and it is communicated that Raine would be holding a third round, leading to an uptick in fan fury.
April 28
A third offer, for 100 per cent of the club, arrives from Sheikh Jassim but INEOS decide to pitch for a partial stake with a newly-structured offer. Elliott have already dropped out.
May to June
Deadlines begin to lose their meaning as Sheikh Jassim puts in a fourth offer for full control worth £5bn. This, apparently, is a take it or leave it submission. The INEOS bid remains for part-ownership. As the weeks pass by without meaningful progress, Sheikh Jassim returns with another bid.
July to September
The rumour mill continues to churn, the prospect of the Glazers remaining in some form grows and United look to strengthen their squad for the new season with mixed success.
October 14
Sheikh Jassim loses patience and withdraws his interest, leaving only INEOS to negotiate a deal. Within hours it is reported that Ratcliffe will buy 25% of the club for £1.3bn at well above share price and take over football operations.
November
There are numerous assurances that the Ratcliffe deal is done - minus the dotting of Is and crossing of Ts - but a number of false dawns pass without an official announcement.
December 24
The deal is finally confirmed on Christmas Eve, a day after another embarrassing defeat for the first team away to West Ham. But it remains subject to ratification with Ratcliffe having to go through the Premier League's owners and director's test.