Sir Jim Ratcliffe is set to complete the purchase of 25 percent of Manchester United after Qatari Sheikh Jassim withdrew his bid.
The petrochemicals billionaire and the Glazers family are expected to rectify the bid at a board meeting in the coming week.
Ratcliffe had initially submitted a bid for a majority stake in the club but there was no breakthrough in the bid.
However, the British businessman adjusted the offer for a quarter – believed to be between £1.4 and £1.5bn – and that has done the trick.
Sir Jim Ratcliffe, who originally hails from Failsworth, Oldham, is ready to complete the deal which will be a world record figure for a sports franchise.
We also reported that there was to be a Qatari bid, which was fronted by Sheikh Jassim and despite several bids, failed to meet the Glazers’ valuation.
The offer by Sheikh Jassim was reportedly directed to the Glazers family and he had also set aside money for improving the infrastructure at United.
However, despite offering to clear the debts and pay cash for 100 percent of the club, united prefers the offer by Sir Jim Ratcliffe.
Manchester has not made any comments about the reports that Sheikh Jassim has finally ended negotiations with the Glazer family.
However, Sheikh Jassim has informed Raine Group, the New York investment banking firm tasked with finding new investors, that he has ended his interest.
Manchester is valued at just over £5 billion by Sir Jim Ratcliffe, however, he will initially purchase just 25% of the stake in the club.
The Glazers, who have owned the club since 2005 and have been unable to halt a decline on the pitch that began with Sir Alex Ferguson’s retirement a decade ago, are demanding £6 billion to sell up.
However, two members of the American family, Joel and Avram, have stated their preference for outside investment to help finance a £1 billion-plus Old Trafford renovation.
They believe that with the appropriate backing, United’s valuation might eventually exceed £10 billion.
Sir Jim Ratcliffe
Sir James Arthur Ratcliffe FIChemE, a chemical engineer and businessman who was born in Britain on October 18, 1952, is a multibillionaire.
Ratcliffe formed the INEOS chemicals group in 1998 and currently serves as its chairman and CEO.
In 2021, the corporation is projected to have generated $65 billion in revenue.
His public persona is modest, and The Sunday Times once dubbed him “publicity shy.”
Ratcliffe held the title of wealthiest person in the UK in May 2018 with a net worth of $21.05 billion.
His net worth was estimated at $28.2 billion as of April 2020 by the Bloomberg Billionaires Index, ranking him second in the UK and 55th overall in terms of wealth.
Ratcliffe formally relocated his tax domicile from Hampshire to Monaco in September 2020, a move that is expected to save him £4 billion in taxes.
