Sir Jim Ratcliffe is set to buy a 25 per cent stake in Manchester United (AFP via Getty)
Sir Jim Ratcliffe is to complete a deal for a 25 per cent stake in Manchester United after Sheikh Jassim withdrew from the takeover race.
Ratcliffe and Sheikh Jassim have been locked in a bidding war since the Glazers announced their plans to sell United last November.
However, neither party were able to convince the Glazers to sell as United’s American owners held out for a figure in the region of £10 billion.
It’s understood that the Qatari bid of £5bn for a full takeover was rejected and Sheikh Jassim has now opted to pull out of the running to buy United.
That has allowed Ratcliffe to move in and the petrochemicals billionaire is now set to buy 25% of United for a figure between £1.4bn and £1.5bn.
Sheikh Jassim had made a £5 billion offer to buy Manchester United
Crucially, Ratcliffe’s bid means that the Glazers still keep a stake in United but the bid is expected to be the start of a full takeover.
According to The Times, a source close to negotiations have called the Glazers’ valuation of United ‘fanciful and outlandish’ as the current market value is less than £3bn.
United supporters have continued to protest against the Glazer ownership this season
Manchester United fans have constantly protested against the Glazer ownership at Old Trafford (PA)
Speaking earlier this week, David Beckham made it clear that he was keen to see a change in ownership at United.
‘At the moment there’s been no discussion of that, but everybody knows that I’m a Manchester United fan and I’ve been very vocal about the situation at United and that’s been happening for a number of years,’ Beckham told CNBC.
‘I grew up at Manchester United from a very young age and there was a lot of stability – same manager, Sir Alex Ferguson, and same owners.
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‘Man United will always be Man United, they will always be one of the biggest clubs in the world. Now we need to get back to that for the fans, the players, the coaching staff and the manager because at the moment there’s not stability. We need to get the talk back on the field, rather than off it.
‘I want to see an ownership group that will take it back to what it should be. I’m not saying the past owners have done a bad job because we’ve still been very successful on the field and off the field, but for me it’s the right time for somebody else to take over.’
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The Glazers have finally accepted an offer.
