07 July 2023 , 16:34
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Sir Jim Ratcliffe’s hopes of buying Manchester United have been boosted by UEFA’s decision to allow six clubs under joint ownership to compete in European football this coming season.
The Manchester-born businessman already owns Ligue 1 outfit Nice, who are often competing in one of UEFA’s three continental competitions.
On Friday, UEFA confirmed that clubs who share the same ownership structure can compete in their competitions, including Aston Villa and Portuguese club Vitoria; Brighton and Royal Union Saint-Gilloise of Belgium, along with Italian giants Milan and Ligue 1 outfit Toulouse.
Qatari businessman Sheikh Jassim is bidding for the club alongside Britain’s richest man Ratcliffe, who had previously been tipped as favourite with his strategy of buying United. Sheikh Jassim’s bid had appeared to be in pole position to buy the club from the Glazer family, but no decision has been reached.
Ratcliffe’s hopes of buying United had raised concerns of a potential conflict of interest due to the INEOS company also administering Nice in France. However, the UEFA ruling has judged that this would not be a barrier to both clubs competing in European competition.
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In a hugely protracted process that is close to entering its eighth month, the Glazer family are finally on the same page regarding the club’s sale. There had been concerns that the family were at odds with each other over the process of selling the club as all six siblings still profit from their shares.
Ratcliffe, Britain’s richest man, had previously been tipped as favourite with his strategy of buying United. The INEOS chief’s offer would see him take a controlling interest in the club and allow current owners Joel and Avram Glazer to temporarily retain a 20 per cent stake in United.
Avram and Joel Glazer have put Manchester United up for sale (Getty Images)Have Your Say! What would the best takeover outcome be for Man Utd? Tell us what you think here.
At least two of the six Glazer siblings – Joel and Avram – are understood to have preferred an option which would see an outside investor buy a stake in the club to help finance huge capital projects like the redevelopment of the Old Trafford stadium and Carrington training ground. However, a change of ownership is now the likely outcome.
Several US investment companies – Elliott Management, the Carlyle Group and Ares Management – had been proposing minority investment into the club, which would see the Glazers remain in position at the head of United but with extra spending power available. Yet that is now viewed as unlikely.
The Glazers are deeply unpopular among supporters after their leveraged buyout in 2005 saddled the club with enormous debts, while on the field the Red Devils having gone a decade without winning the Premier League title. United fans want the Glazers to relinquish the club in its entirety.
"We obviously can't say too much because we've signed a non-disclosure agreement (NDA) and we respect that but there's still a process and we're in the process," Ratcliffe said at a Knightsbridge book launch earlier this week.
"We have a good offer – we've met the Glazers a couple of times and we had a good conversation but at the end of the day it's their decision ... we would still very much like to do it. I also believe we would do a good job and do it for the right reasons. We keep very focused on it."
He continued, when speaking of the cultural importance of the club: "They ain't making them any more. Manchester United and these types of clubs, it's like art or areas like that.
"When you have special things and their value continues to pick up over time because they are very special and rare. I don't like throwing money away or losing money. It doesn't make me happy at all. But we aren't there to make money out of it. If it's a really good asset it will increase its value over time."
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