Man United Sale: Ratcliffe bid, Sheikh Jassim withdrawing, Glazers could remain in control
The sale of Manchester United has been a drawn out affair
MANCHESTER, England — 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
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