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The reason for the delay in Sir Jim Ratcliffe completing a 25 per cent purchase of Manchester United has reportedly been revealed.
It has been widely reported, including by Sky News, that on Christmas Eve United will confirm Ratcliffe’s minority purchase of the Old Trafford club.
The petrochemicals tycoon, who will take control of the club's footballing affairs once Premier League approval is granted, will be announced after 13 months of talk about a potential takeover at United.
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Ratcliffe, who is set to arrive during a torrid season for the Red Devils on the pitch, will reportedly inject $300million (£236million) into the club for investment in its infrastructure, taking his immediate outlay to roughly $1.5bn (£1.18billion). The British billionaire may also join the United board.
However, the Financial Times claimed on Sunday that the reason a deal had been delayed by weeks was due to concerns over the future treatment of minority shareholders at United.
The publication alleged that while Ratcliffe had agreed on the broad terms of buying a non-controlling stake in November, a formal announcement had been repeatedly pushed back.
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One of the obstacles is said to have been how United’s public shareholders would be treated in future transactions between Ratcliffe and majority owners the Glazers.
The Financial Times alleged that the hold-up can also be attributed to concerns held by members of United’s 12-person board about future deals and whether they would “allow the Glazers to cash out on terms that would not be extended to other shareholders.”
Talks have reportedly been focused on resolving the matter in recent weeks.
While the publication claimed that an announcement may be imminent, it added that it might slip to after Christmas.
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United and Ineos declined to comment on the FT’s initial report.
SPORTbible has contacted United on the matter.
Featured Image Credit: GettyTopics: Manchester United, Sir Jim Ratcliffe, Premier League, Football