Sir Jim Ratcliffe to take control of football operations at Manchester United this week
Sir Jim Ratcliffe has agreed to buy 25 per cent stakes of Red Devils
If the club’s management team approves Sir Jim Ratcliffe’s group’s 25% stake later this week, they will take over Manchester United’s football operations.
After his primary challenger, Qatari Sheikh Jassim, discontinued his offer on Saturday night, the petrochemicals billionaire appeared to have clinched the battle for the Premier League’s top clubs.
Ratcliffe, a devoted Manchester United supporter for his whole life, would invest almost £1.4 billion on a quarter share at Old Trafford as the first phase of what is being called a staged buyout.
His proposal is anticipated to be approved in the upcoming days, and in exchange, it is believed that his group would be given control over the sporting part of the company as they work to bring back United to its previous glory.
Such a move might go some way towards placating Manchester United’s supporters, many of whom are eager to get rid of the Glazer family, the team’s current owners.
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Since they decided to sell or take ownership of the club in November, there have been a number of demonstrations, with supporters seeking an all-encompassing sale.
Sheikh Jassim has offered to purchase the entire club, pay off all debts, and invest enormous sums of money in renovating Old Trafford and bolstering the playing roster.
He was unable to match the Glazers’ estimate, which was deemed ‘fanciful’ by people close to the Qatari group.
Ratcliffe’s INEOS firm is reported to be eager to make an immediate effect and already owns and holds holdings in a number of sports organisations.