April 28 – The Manchester United ownership saga is expected to take a significant step forward later today in what is expected to be the third and final bid deadline.
Reports surfaced on Wednesday that Ineos owner and lifelong United fan Sir Jim Ratcliffe was weighing up a proposal that would see the Glazer family retain a minority stake in the club.
There have been suggestions this week that Ineos could restructure their offer, which initially was for the Glazer family’s combined 69% stake, in a way that could allow co-chairmen Joel and Avram Glazer to retain their personal shareholding.
The move has already been attacked by United’s ‘1958’ fans group, who have demanded a full sale.
Finnish businessman Thomas Zilliacus, who recently pulled out of the bidding, is reported to have renewed his interest as an outsider but Ratcliffe and Qatari banker Sheikh Jassim remain the only realistic bidders set to meet the deadline.
Investment bank the Raine Group was brought in to oversee the process with the situation expected to be resolved before the transfer window opens at the end of the season.
Sheikh Jassim is apparently set to lodge a new offer of £4.5 billion, which will eclipse the £4 billion put forward by Ratcliffe and involve a complete buyout and clearance of the current £535.7 million debt.
The Glazers are holding out for £6 billion for the club they bought for £790 million back in 2005. It is understood the deadline is 10pm tonight, after which the Glazers will assess their position.
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