Glazers could force Ratcliffe to sell his Man Utd stake in fresh takeover bid
Sir Jim Ratcliffe could be forced to sell his share in Manchester United by the Glazers NEXT YEAR.
The INEOS owner confirmed his intention to seal a part-takeover of the Red Devils last month. He is set to purchase 25 percent of the Old Trafford club in a deal worth around £1.3billion.
The partial takeover is still subject to ratification from the Premier League. Once it is rubber-stamped, the Glazers can still force him to sell his share in the club, as reports The Times.
A tender document from Ratcliffe has revealed fresh clauses regarding the nature of the deal. It states that the club’s current owners are not allowed to solicit or encourage new offers for the club once the 71-year-old’s tender offer is completed on February 13.
However, once 18 months have passed, the American family can sell the club outright to any another interested parties. In that, they can also force Ratcliffe’s investment vehicle - Ratcliffe’s Trawlers Ltd - to sell their shares in the club as part of a fresh takeover.
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The tender document reads: “For so long as the Glazer parties are the majority holder, following the date that is 18 months after the closing date and in connection with any sale of the entire company, the Company Board may require the Trawlers party to sell all of their company ordinary shares and take such other actions as are reasonably necessary to effect the full sale.”
It added that the Glazers cannot “directly or indirectly initiate, solicit, encourage, facilitate, participate in, enter into, approve, consummate or otherwise support any full sale prior to… 12 months after the closing date”. However, fresh takeover talks can take place should Ratcliffe give explicit permission.
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Should the Glazers sell the club within three years of Ratcliffe’s offer being formalised then he must receive at least $33 (£26.03) per share - the original amount that he is due to pay.
Speaking after his successful bid was confirmed, Ratcliffe said: “We will bring the global knowledge, expertise and talent from the wider INEOS Sport group to help drive further improvement at the Club, while also providing funds intended to enable future investment into Old Trafford.
“We are here for the long term and recognise that a lot of challenges and hard work lie ahead, which we will approach with rigour, professionalism and passion. We are committed to working with everyone at the Club – the Board, staff, players and fans – to help drive the Club forward. Our shared ambition is clear: we all want to see Manchester United back where we belong, at the very top of English, European and world football.”
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