In the ongoing bid for Manchester United's ownership, it seems that Sheikh Jassim bin Hamad Al Thani is beginning to pull ahead, with Sir Jim Ratcliffe's bid facing considerable setbacks. Since the club was put up for sale last November, the Qatari billionaire and the INEOS owner have been in close competition to acquire the renowned Old Trafford team.
Despite several bids from both potential owners, a stalemate appears to have settled in, with no preferred bidder yet named by current owners the Glazers or the facilitators of the sale, the Raine Group. However, the scale now seems to tilt in favor of Sheikh Jassim, who is increasingly confident of securing ownership.
Sources from Bloomberg indicate that Ratcliffe's bid is losing steam, labeled as "dead in the water". The current bid's structure, which proposes a buyout of the Glazers but excludes offers to the existing minority stakeholders, has triggered legal threat from the latter. The minority stakeholders have reportedly notified the current board about their potential legal response if excluded from any deal.
Ratcliffe's proposal would hence be rejected "under any circumstances" by the club's present directors, which could only be mitigated by a bid restructuring or by negotiating with the existing stakeholders. Still, INEOS has reportedly not received official notification that their bid is off the table.
Meanwhile, Sheikh Jassim's full takeover proposition offers a more straightforward acquisition process. Still, the Glazers could drastically shift their plans for the club. Reports suggest that they may choose to retain their position while inviting external investments.
Numerous American firms, including Carlye, Elliott Management, Ares Management Corporation, and Sixth Street, have shown interest and made offers to acquire minority stakes at Old Trafford. While the Glazers have been at the helm since 2005, overseeing substantial success, notably under Sir Alex Ferguson's reign, fan protests against their continued presence have been persistent.
Business journalist David Hallier, in an appearance on United View TV, confirmed Ratcliffe's bid faltering and emphasized that his offer, as it stands, is "absolutely dead in the water" due to the exclusion of minority stakeholders. Hallier also reported on the rising confidence of the Qatari group led by Sheikh Jassim, suggesting that an official announcement might be imminent.
With the takeover process entering its eighth month, fans are growing impatient with the Glazers' opaque intentions. It remains to be seen who will eventually steer the course of Manchester United.
