Man Utd takeover 'delayed' again with Glazer Sir Jim Ratcliffe vote pushed back

17 October 2023 , 21:01

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Man Utd takeover 'delayed' again with Glazer Sir Jim Ratcliffe vote pushed back

Sir Jim Ratcliffe will have to wait even longer to take control of Manchester United with the Glazers reportedly putting the breaks on his deal.

Ratcliffe looked set to purchase a 25 percent minority stake in United for £1.4billion after his only competitor, Sheikh Jassim, backed out of the drawn-out process. The Glazers and the United board were expected to vote on whether to accept Ratcliffe’s bid at a meeting on Thursday.

But The Telegraph now reports that Ratcliffe and his INEOS group will have to wait a little longer, because there are still important factors to be ironed out. With Ratcliffe bidding to take over the footballing operations, there are still some things which need further discussion before it is put to a vote.

The Glazers first put United on the market on November 22 last year and the process has dragged on and on. Despite Ratcliffe wanting to get the deal done so he can take charge before the January transfer window, the Glazers are in no rush.

As reported by Mirror Football, Ratcliffe wants to take control of the football side of the business at United when the deal goes through. The 70-year-old wants to bring in his own people from INEOS, which means the positions of chief executive Richard Arnold and director of football John Murtough could come under threat.

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There are 12 people on the United board who will vote on the Ratcliffe offer, but ultimately the decision will rest with the Glazer family. The Americans currently own 69 percent of the club's shares, but have 96 percent of the voting rights due to the complicated dual share structure.

Sir Jim Ratcliffe is bidding to buy 25 percent of Manchester United (BERTRAND GUAY/AFP via Getty Images)

There have now been 329 days since the Glazers released a statement announcing "a process to explore strategic alternatives for the club". Throughout the process, the Glazers have made it clear that they are in no rush to relinquish control of the asset they bought in a debt-leveraged buyout in 2005.

The Glazers have dragged their feet over the past 11 months, hoping that the delay might prompt Ratcliffe or Sheikh Jassim into upping their offers. Ultimately their valuation of the club was never met, but Ratcliffe's bid for a minority share, with a view to majority ownership in the future, suited the American family.

Ratcliffe was born in Failsworth, Greater Manchester, and is a supporter of the club that he is trying to buy into. He is already involved in the running of two football clubs – Nice and Lausanne – and has also invested in F1 and sailing.

Felix Keith