Featured Image Credit: Getty
Topics: Manchester United, Premier League
Ryan Smart
There are 12 people who will decide whether Sir Jim Ratcliffe can complete his minority takeover of Manchester United, it has been reported.
The INEOS chief has agreed a deal to acquire a 25 per cent stake in the club from the Glazer family, with the Daily Mail claiming it could be ratified within days.
News of his reported £1.4 billion swoop came a day after Qatari businessman Sheikh Jassim pulled out of the running. He had been bidding to complete a full takeover of United through his Nine Two Foundation.
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That decision left Ratcliffe as the remaining runner at the forefront of the race, and the boyhood United fan is now closing in on owning a part of the club.
According to The Telegraph, the 70-year-old has negotiated a clause that will allow himself and INEOS representatives to have control over footballing matters at United.
And the deal, if it goes through, could finally allow the club to start long-planned renovation works on Old Trafford.
The Athletic, meanwhile, claim that a decision on Ratcliffe's takeover will be taken in an emergency board meeting on Thursday - with 12 people having the final say.
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United is controlled using Class A and Class B shares. All six Glazer family members - Joel, Avram, Darcie, Kevin, Bryan and Edward - all hold Class B shares, and will therefore all have a say in the decision.
Joel and Darcie, meanwhile, are the only two family members to hold Class A shares, which are also distributed to members of the public on the New York Stock Exchange. They also hold the most Class B shares as of June 2022 financial results, as per The Athletic - although that will not give them any more power than other board members for this vote.
Other board members include the club's chief executive Richard Arnold - whose future is reportedly uncertain if a takeover goes through - and chief financial officer Cliff Baty.
Patrick Stewart, who is the club's legal counsel, is also on the board. Stewart also works as an arbitrator at the Court of Arbitration for Sport (CAS).
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The rest of the 12-strong board is made up of independent directors. They are Rothschild managing partner Robert Leitao, former ICC chief executive Manu Sawhney, and former Giorgio Armani deputy chairman John Hooks.
Each of the 12 board members will have a vote, with a majority decision deciding the outcome. Should the voting be tied, the final decision will be made by Joel and Avram, as co-chairmen.
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