"Sources said..." - Sky News reporter drops major Man Utd sale update as secret clause revealed
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Sir Jim Ratcliffe's proposal to buy Manchester United from the Glazers includes a secret clause, it has been claimed.
While Sheikh Jassim has allegedly offered £5billion to buy 100 per cent of the club, Ratcliffe is thought to only want a controlling stake.
It has also been claimed that the petrochemicals billionaire is prepared to allow the current co-chairmen Joel and Avram Glazer to retain some link with the club, in the form of a minority investment.
Such a move would be hugely controversial, however, given the Americans’ terrible relationship with United’s supporters.
Man Utd sale update
According to Sky News, Ratcliffe is proposing a full buyout of United after three years should he succeed in claiming a majority stake in the club.
The Briton’s bid reportedly includes a put-and-call arrangement which would become exercisable in 2026 and pave the way for the Glazer family’s complete exit as shareholders.
The publications claimed that if the clause is triggered it would either force the Glazers to sell their remaining shares to Ratcliffe or force him to acquire them at specified future dates.
One insider told Sky News that the first window to exercise the option would occur three years after a deal has been completed, while there are subsequent periods built into the transaction should the first one not be used by either party.
The news may appease some United fans who are opposed to the Glazers retaining any interest in the club they have owned since a £800million takeover in 2005.
It has been reported that people involved in the deal expect a decision about a preferred bidder to be made this month.