13 May 2023 , 09:55
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Sir Jim Ratcliffe and INEOS are confident of completing a takeover of Manchester United - but the long-running saga isn't over just yet.
The Glazers put United up for sale in November and there are two rival bidders in Ratcliffe and Qatari banker Sheikh Jassim bin Hamad Al Thani. Final bids for the Premier League club were submitted last month, with both interested parties waiting to hear back.
There is no guarantee the Glazers will sell up, as they are also willing to sell just a fraction of their shares to bring in new investors. The Raine Group, who are administering the sale on the Glazers' behalf, could finally announce the preferred bidder next week.
As reported by The Independent, Ratcliffe has enjoyed more contact with the Raine Group than Sheikh Jassim over the last two weeks - boosting the Brit's confidence.
Ratcliffe's belief could encourage Sheikh Jassim to submit an improved offer for United, but any new bid would need to be submitted as soon as possible to be successful. It's believed Shekih Jassim's current offer is between £4billion and £5bn.
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It's claimed the Glazers are frustrated by Sheikh Jassim's bid because it is lower than expected. They are also said to be concerned about the Qatari banker passing the Premier League's owners and directors test, fearing it could delay the sale by up to nine months.
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The Premier League have tightened regulations on state-linked owners. Qatar 's sovereign wealth fund, the Qatar Investment Authority, is the single largest shareholder of the Qatar Islamic Bank. Sheikh Jassim is the chairman of that bank. Furthermore, Sheikh Jassim's father is Hamad bin Jassim bin Jaber Al Thani - Qatar's former prime minister.
If the Raine Group announced Sheikh Jassim as the preferred bidder and the deal collapses, it would be difficult for them to persuade Ratcliffe to re-enter the frame.
Ratcliffe is believed to have a good relationship with the Glazers, who are unpopular with United's fanbase. Speaking last October, Ratcliffe said: "I've met Joel and Avram [Glazer] and they are the nicest people, I have to say, they are proper gentlemen."
Ratcliffe wants to purchase the Glazers' controlling stake in United, which is around 69 per cent of the club's shares. Sheikh Jassim, meanwhile, wants to complete a full takeover of the club and plans to buy out the other shareholders if his bid is successful.
There is a chance the Glazers could stay on board in some capacity if Ratcliffe is named as the preferred bidder. Avram and Joel are thought to have reservations about selling the club, while the other four siblings - Kevin, Bryan, Edward and Darcie - want out.
Worryingly for United manager Erik ten Hag, there is a good chance the takeover will not be completed before the summer transfer window opens. The Glazers may not be willing to give Ten Hag a satisfactory transfer kitty if they are selling up.