British billionaire Sir Jim Ratcliffe is on the verge of acquiring a sizeable interest in Manchester United, giving his INEOS team “sporting influence” at Old Trafford.
A source with knowledge of the transaction process told us that Ratcliffe was “more savvy in his deal execution” than rival bidder Sheikh Jassim, a Qatari billionaire who withdrew his interest in purchasing United on Saturday after failing to secure a full takeover of the club from its American owners, the Glazer family.
Due to Sheikh Jassim’s withdrawal from the race to purchase the 20-time English champions, Ratcliffe, the founder of the chemicals business INEOS, has been given the opportunity to finalize a deal to purchase a 25% share from the Glazers, who now own 69% of the club. On the New York Stock Exchange, smaller investors hold the remaining shares.
Ratcliffe, 70, is agreeing to pay a premium price as part of the deal in exchange for power over certain decisions, which is typically not provided by a minority investment.
Despite United’s current market value of roughly £2.6 billion, Ratcliffe is reportedly willing to spend between £1.3 billion ($1.576 billion) and £1.5 billion ($1.82 billion) for the stake.