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Manchester United are already feeling financial effects of Sheikh Jassim withdrawing from takeover race

Josh Lawless

Published 
| Last updated 

Manchester United are already feeling financial effects of Sheikh Jassim withdrawing from takeover race

Manchester United are already feeling the financial impact of Sheikh Jassim pulling out of a potential takeover.

On Saturday evening, it was widely reported that Jassim and his Qatari consortium had pulled out of the race after feeling as though the £6 billion valuation from the Glazer family was "unrealistic".

As a result, Sir Jim Ratcliffe, who had been Jassim's main rival, now looks set to win the race but on drastically different terms.

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Reports claim the British billionaire is closing in on purchasing a 25 per cent stake in United, paying between £1.3 and £1.5 billion for the shares through his Nine Two Foundation.

The arrangement would mean the Glazers would remain at the helm as majority shareholders but The Telegraph claim a clause has been negotiated for the 70-year-old and representatives of his INEOS firm take the lead on footballing operations at Old Trafford.

Image: Getty
Image: Getty

According to Rob Harris of Sky News, United shares have plummeted as a result of the recent turn of events.

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On Monday, it was reported that shares dropped to $17.37 a share, having been more than $20 a share on Friday.

Should Radcliffe's proposal be given the green light by United's 12-strong board in an emergency meeting later this week, he is in line to receive an equal amount of A and B shares.

Image: Getty
Image: Getty

The A shares are publicly traded, with the B shares deemed to be more important.

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Joel and Darcie are the only two members of the Glazer family to own Class A shares and possess the majority of Class B shares along with Avram, Darcie, Kevin, Bryan and Edward.

All 12 board members, which includes chief executive Richard Arnold and chief financial officer Cliff Baty, will receive a vote on Thursday.

A majority decision will determine the result and the final call will be in the hands of co-chairmen Joel and Avram Glazer in the event of a tie.

Image: Getty
Image: Getty
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Kaveh Solhekol explained the situation in detail on Sky Sports News, saying: "The Glazers ultimately are going to do what is best for them. At the moment, they believe the best thing to do is to sell 25 per cent of Manchester United to Sir Jim Ratcliffe for around £1.3 billion.

"If he wants to buy the whole of United, and if the deal he signs with the Glazers guarantees they will sell the rest of their shares to him for a set price in the future, then there is a path to him owning 100 per cent of Manchester United."

Ratcliffe, a boyhood United fan, attempted to buy Chelsea last year. He owns Nice, who are currently second in Ligue One.

Jassim, meanwhile, has been linked with both Spurs and Serie A side Inter Milan.

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Featured Image Credit: Getty & X

Topics: Manchester United, Premier League, Sheikh Jassim

Josh Lawless
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