Ratcliffe’s £5bn bid includes specific ‘clause’ which ‘forces’ out Glazer family


According to reports, Sir Jim Ratcliffe’s takeover bid for Man Utd includes a specific ‘clause’ which could ‘force’ out the Glazer family.

The Glazer family announced last November that they were putting Man Utd up for sale. At the time, they confirmed that they would be “evaluating all options”.

“The strength of Manchester United rests on the passion and loyalty of our global community of 1.1bn fans and followers,” a statement read.

“We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the club today and in the future.”

Unsurprisingly, there has been significant interest in Man Utd over the past few months. There have been three rounds of bidding and the final offers were submitted at the end of April.

Ratcliffe and Sheikh Jassim have emerged as the most likely candidates to become the club’s new majority shareholders, but the Glazer family also have interest from several potential minority investors.

The current owners need extra funds to modernise Old Trafford and their Carrington training ground. It is yet to be seen if they will sanction a full sale.

Ratcliffe’s new ‘proposal involves buying a controlling stake of just more than 50 per cent for his petrochemicals firm INEOS, with about 20 per cent remaining in the possession of Avram and Joel, two of the six Glazer siblings’. Journalist Ben Jacobs added.

“Understand this is one option and will rest on the Glazer’s preference. Ratcliffe is ultimately being flexible, as sources always indicated he would be, to try and get control. There could also be a laddered element over time, too.

“Whereas Sheikh Jassim’s bid is referred to as ‘all or nothing’, Ratcliffe is looking for control. If Joel and Avram genuinely want to stay this could be one way of getting it.

“Insiders believe Ratcliffe would not be favourite to win a straight head-to-head against Sheikh Jassim for the full 69%, with some referring to INEOS as a ‘stalking horse’ in that context. But a change in structure makes the two groups significantly different.”

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Sky News are now claiming that ‘Ratcliffe is proposing a full buyout of Manchester United Football Club after three years if he succeeds with a £5bn offer to take control’.

His takeover is said to include ‘put-and-call arrangements which would become exercisable in 2026, and which would pave the way for the Glazer family’s complete exit as shareholders’. The report explains.

‘Sources said this weekend that Sir Jim’s offer for majority ownership would include the put-and-call options, which if triggered would either force the Glazers to sell their remaining shares to him, or force him to acquire them, at specified future dates.

‘One insider said the first window to exercise the option would occur three years after the deal completed, with subsequent periods built into the transaction if the first one was not used by either side.’

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