Jim Ratcliffe News

Manchester United (NYSE:MANU) shares fell sharply in early Monday trade following reports that the Qatari group led by Sheikh Jassim bin Hamad J.J. Al Thani had withdrawn its bid for the Premier League titan.

By Anirban Sen

Sir Jim Ratcliffe Poised to Assume Control of Manchester United Operations In a significant development for Manchester United, lifelong fan and British billionaire Sir Jim Ratcliffe is on the cusp of securing a pivotal role within the club's management structure. Reports suggest that Ratcliffe is set to acquire a substantial 25% stake in the Premier League giants, with a staggering £1.4 billion deal expected to be finalized imminently. Ratcliffe had been engaged in a bidding war with Qatari Sheikh Jassim for ownership of the club, but emerged as the sole front runner following Jassim's withdrawal of his offer on Saturday night.

By Anirban Sen and Mrinmay Dey

Jassim Bin Hamad Al Thani has withdrawn a bid to buy Manchester United, the BBC reported on Saturday. United announced nearly a year ago that the board was exploring «strategic alternatives to enhance the club's growth», with a full sale one of the options. Sheikh Jassim and British billionaire Jim Ratcliffe were the front runners after several rounds of bidding earlier this year, but the process has stalled in recent months despite the anger of supporters towards current owners, the Glazer family. The Americans have owned the English giants since a leveraged takeover in 2005 for £790 million ($961 million) saddled the club with huge debts. Figures in March showed United's debts have grown to £970 million. However, the Glazers are believed to be holding out for a world record fee for a football club in excess of £6 billion. Sheikh Jassim's bid was for full control of United and promised to clear the club's debt. By contrast, Ratcliffe is reportedly willing to buy a smaller stake to break the impasse ownership of the 20-time English champions. The Red Devils fortunes on the field have also faded under the Glazer's tenure. United have not won the Premier League since former manager Alex Ferguson retired in 2013 and last won the Champions League in 2008. They currently sit 10th in the Premier League and have lost their first two Champions League group stage matches for the first time in the club's history.

Manchester United has announced a 10-year extension to its partnership with Adidas that the English club says will be worth more than $1 billion