Man Utd share price plummets as Glazers stay in charge with Ratcliffe investment
Manchester United's share price slumped on Monday after it emerged that Sheikh Jassim bin Hamad al-Thani had withdrawn his bid to buy the club and the Glazers were set to remain in charge.
Sir Jim Ratcliffe is on the verge of buying 25 percent of United, with his offer estimated at around £1.3billion. The saga has dragged on for almost a full year, but an agreement with Ratcliffe could be finalised at a United board meeting on Thursday.
Sheikh Jassim was hoping to buy 100 percent of the club from the Glazers, but his bid did not meet the Glazers' huge asking price and it was revealed last week that he had pulled out of the process. Despite the prospect of Ratcliffe now purchasing a minority stake in United, the club's share price dropped by up to 22 percent in pre-market trading on the New York Stock Exchange, before paring losses.
With Ratcliffe's bid valuing United at over £5billion, that would therefore mean the club's shares would be worth around double the $20 (£16.46) they were last week. However, it seems as though the negative reaction to news that the Glazers are set to remain in charge has been reflected in the share price.
Manchester United's Supporters' Trust released a statement in response to the news, claiming the Glazers are not acting in the best interests of the club. "It would be wildly optimistic to think the Glazers are acting in the interests of supporters or are making ownership decisions which don't centre on their own priorities," they said.
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"We call upon all parties to put Man United interests before their own interests. If the reports are true regarding INEOS obtaining a 25 percent stake in our club there are a number of questions which need clarity before supporters can make any judgement on its merits.
"Where are the shares coming from, a sale by the Glazers or the issue of new shares? If they include A shares will they be new issue shares with funds going into the club?" Former Red Devils captain Gary Neville also questioned whether Ratcliffe would be able to "positively impact the club" with only a minority stake.
Sir Jim Ratcliffe is set to buy 25 percent of United (PA)"My preference is and always will be now for a Glazer family full exit," he wrote in a lengthy post on social media. "They have overstayed their welcome in Manchester yet seem oblivious to this fact."
Ratcliffe wants to take charge of the sporting side of United's business, with former head of British cycling Sir Dave Brailsford set to play a key role. Brailsford is now INEOS' director of sport and works with the other sporting organisations owned by Ratcliffe, including Nice and Lausanne.
Ratcliffe has previously criticised the club's transfer business under the Glazers, telling the Times in 2019: "They haven't got the manager selection right, haven't bought well. They have been the dumb money, which you see with players like Fred. United have spent an immense amount since [Sir Alex] Ferguson left and been poor, to put it mildly. Shockingly poor, to be honest."
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