Current:Home > MarketsMan United Sale: Ratcliffe bid, Sheikh Jassim withdrawing, Glazers could remain in control-LoTradeCoin
Man United Sale: Ratcliffe bid, Sheikh Jassim withdrawing, Glazers could remain in control
View Date:2024-12-24 09:11:34
MANCHESTER, England (AP) — Nearly a year after Manchester United was put up for sale, the storied English soccer club could still remain in the hands of the Glazer family — much to the dismay of the team’s most fervent supporters.
News on Saturday that Qatari banker Sheikh Jassim bin Hamad Al Thani was withdrawing from the bidding process appeared to leave the door open for British billionaire Jim Ratcliffe. However, the owner of petrochemicals giant Ineos is reportedly only looking to buy a minority 25% stake in United, which would leave the Glazers as majority shareholders.
“Someone coming in as a minority partner and propping up the Glazers indefinitely is a nightmare scenario,” Manchester United Supporters Trust spokesperson Chris Rumfitt told The Associated Press. “What the club needs is real change and it needs real investment and we struggle to believe that can happen whilst the Glazers own the majority of the shares permanently. Twenty-five percent for Ratcliffe could be OK, but only if it was the start of a clear path to 51%.”
FOR SALE?
The Glazers, an American family that also owns the NFL’s Tampa Bay Buccaneers, announced plans last November to seek new investment and instructed U.S. merchant bank Raine to oversee the process, which included the potential of a full sale.
Raine had previously conducted the sale of Chelsea to Todd Boehly and Clearlake Capital for 2.5 billion pounds ($3 billion) plus a commitment of 1.75 billion pounds ($2 billion) of further investment.
While the Glazers were prepared to consider offers for an outright buyout, United said at the time it planned to “explore strategic alternatives,” which always included the possibility of taking on new investment without the owners ceding control.
The late tycoon Malcolm Glazer bought United in 2005 for 790 million pounds (then about $1.4 billion). United supporters have been critical of the leveraged nature of the Glazers’ buyout that loaded debt onto the club, as well as a perceived lack of investment and the dividends taken out by the owners.
The team still had a series of successes on the field. Under the Glazers, United won the Champions League title in 2008, five Premier League titles, one FA Cup, five League Cups and the Europa League.
INTERESTED PARTIES
Ratcliffe, who was born in the Manchester area and has been a United fan since childhood, has long-harbored ambitions to buy the club. Through Ineos, he initially planned to buy out the Glazers’ share of about 69% and spoke of a “modern, progressive, fan-centered approach to ownership.”
He was also focused on helping United win the Champions League for the first time since 2008 and making it the “No. 1 club in the world once again.”
Sheikh Jassim is the chairman of Qatar Islamic Bank and the son of a former Qatari prime minister. He was bidding to take 100% ownership of United, which appealed to fans who are desperate to rid the club of the Glazers.
He also vowed to clear the team’s debt, while investing in the stadium, training center and playing squads in a bid to “return the club to its former glories both on and off the pitch.”
Ratcliffe and Sheikh Jassim were the only two bidders to publicly declare their intention to take control of United, while other minority investors were also reported.
DELAYS
It was anticipated the process would be concluded in time for the off-season transfer window, which opened in June, after a series of rounds of bidding.
It appeared to be a straight battle between Ratcliffe and Sheikh Jassim over who would be chosen as the preferred bidder. But as the process dragged on, fans became increasingly impatient and staged protests outside Old Trafford, while chants of “Glazers out” are regularly heard at games at the stadium.
News of Sheikh Jassim’s plans to withdraw came after months of silence and uncertainty around the process, which raised questions about whether the Glazers intended to sell.
BREAKDOWN
On Saturday, the news came that Sheikh Jassim was withdrawing from the process. While the size of his bid was not confirmed, a person with knowledge of his proposal told the AP it was almost double United’s current market valuation of $3.2 billion.
The person spoke on condition of anonymity because of confidentiality restrictions around the process.
While concerns had been raised about Qatar’s human rights record and the potential that United could be used as a “sportswashing” project, fans wanted to see the club compete with the exorbitant spending of Abu Dhabi-backed Manchester City.
RATCLIFFE’S CREDENTIALS
Ratcliffe is one of Britain’s richest people and is said to be worth $15.1 billion.
He previously tried to buy Premier League club Chelsea and already owns French club Nice, cycling franchise Team INEOS, is one-third shareholder of the Mercedes-AMG Petronas Formula One team and competes in the America’s Cup with sailing team INEOS Britannia.
Reports say he would seek to take over soccer operations at United after a sustained period of decline since the retirement of former manager Alex Ferguson. United has not won the Premier League since Ferguson’s last title in 2013.
Over the past decade, the club has been overtaken by City, which won three trophies last season — the Premier League, Champions League and FA Cup. Liverpool has also won the Premier League and Champions League in recent years.
United has endured a turbulent period the post-Ferguson era. Erik ten Hag is its fifth permanent manager in that time.
Under Ten Hag, United won the English League Cup last season and secured a return to the Champions League. But the team has struggled this season and is currently in 10th place after losing four of its eight league games. It also faces a fight to advance from the group stage of the Champions League after losing its opening two games.
WHAT NEXT
United will reportedly hold a board meeting on Thursday, but it is not clear if Ratcliffe’s bid will be voted on.
___
James Robson is at https://twitter.com/jamesalanrobson
___
AP soccer: https://apnews.com/hub/soccer
veryGood! (72831)
Related
- Mike Tyson vs. Jake Paul referee handled one of YouTuber's biggest fights
- Colin Allred, Ted Cruz reach end of Senate race that again tests GOP dominance in Texas
- Powerball winning numbers for November 4 drawing: Jackpot hits $63 million
- 3-term Democratic lawmaker tries to hold key US Senate seat in GOP-friendly Montana
- Judge set to rule on whether to scrap Trump’s conviction in hush money case
- 'Yellowstone' star Luke Grimes on adapting to country culture
- Four likely tornadoes in Oklahoma and Arkansas with no deaths or injuries reported
- Democrats hope to flip a reliably Republican Louisiana congressional seat with new boundaries
- Fantasy football buy low, sell high: 10 trade targets for Week 11
- New Hampshire will decide incumbent’s fate in 1 US House district and fill an open seat in the other
Ranking
- Biden funded new factories and infrastructure projects, but Trump might get to cut the ribbons
- Taylor Swift Reunites With Pregnant Brittany Mahomes in Private Suite at Chiefs Game
- Another round of powerful, dry winds to raise wildfire risk across California
- Boeing strike ends as machinists accept contract offer with 38% pay increase
- Nicole Scherzinger receives support from 'The View' hosts after election post controversy
- Cooper Flagg stats: How did Duke freshman phenom do in his college basketball debut?
- First-term Democrat tries to hold on in Washington state district won by Trump in 2020
- Pete Davidson, Khloe Kardashian and More Stars Who Have Had Tattoos Removed
Recommendation
-
Mike Tyson impresses crowd during workout ahead of Jake Paul fight
-
Ready to spend retirement savings? What to know about a formula for safe withdrawals
-
How tough is Saints' open coaching job? A closer look at New Orleans' imposing landscape
-
The Nissan Versa is the cheapest new car in America, and it just got more expensive
-
Prayers and cheeseburgers? Chiefs have unlikely fuel for inexplicable run
-
Erik Menendez’s Wife Tammi Menendez Shares Plea for His Release After Resentencing Decision
-
Heidi Klum poses with daughter, 20, and mom, 80, in new lingerie campaign
-
10 teams to watch as MLB rumors swirl with GM meetings, free agency getting underway