Sir Jim Ratcliffe’s deal to buy Manchester United from the Glazers includes a secret provision.
Ratcliffe’s Ineos Group seemed to be on the approach of acquiring United when it was revealed that their proposal was worth more than Qatari financier Sheikh Jassim.
While Sheikh Jassim is said to have offered £5 billion to buy 100% of the club, Ratcliffe is said to simply desire a controlling interest.
It has also been reported that the petrochemicals billionaire is willing to let existing co-chairmen Joel and Avram Glazer to keep some ties to the club in the form of a minority stake.
However, given the Americans’ poor connection with United’s followers, such a transfer would be highly controversial.
Indeed, over 1,000 United fans, led by the fan organization The 1958, demonstrated against the club’s American ownership before to the club’s 1-0 win against Aston Villa last month.
Ratcliffe, according to Sky News, is contemplating a full acquisition of United after three years if he is successful in obtaining a controlling share in the club.
The British bid apparently includes a put-and-call option that would become exercisable in 2026, allowing the Glazer family to exit completely as shareholders.
According to the reports, if the clause is triggered, the Glazers will be forced to sell their remaining shares to Ratcliffe or force him to acquire them at specified future periods.
According to one insider, the first window to exercise the option would be three years after the deal was done, with further periods built into the agreement if no party used the first one.
Some United fans may be relieved by the announcement, since they have been opposed to the Glazers retaining any role in the club they have owned since their £800 million buy in 2005.
According to sources close to the transaction, a decision on a preferred bidder is expected this month.
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