Man Utd supporters speak up after the withdrawal of the proposal from Qatar.
- On Friday night, Sheikh Jassim retracted his interest after declining to raise the price.
- Instead, INEOS CEO and chairman Sir Jim Ratcliffe will pursue a 25% ownership stake.
- United supporters seeking clarification following numerous months of ownership turmoil
The Manchester United Supporters’ Trust has demanded more information regarding the nature of Sir Jim Ratcliffe’s planned 25% minority shareholding.
Sheikh Jassim bin Hamad Al Thani, a billionaire from Qatar, pulled out of the takeover competition on Saturday night after attempting to acquire a 100% stake in the team for £6 billion, including debt repayment.
It is understood by 90min that the Glazer family’s estimated valuation of the club, which is close to £10 billion, was the reason behind his withdrawal from the process.
Instead, Ratcliffe, the chairman and CEO of INEOS, a petrochemicals company, has decided to purchase a minority 25% stake in United with the goal of eventually taking over the entire club. But the deal won’t go through until Ratcliffe has the first option to purchase additional shares.
Supporters of United have long protested the Glazer family’s ownership of the team, accusing them of draining the club’s finances and piling on debt. The club’s earnings have been used to pay for dividends, director compensation, and management fees, in addition to the sale of nearly £500 million worth of shares that were not repurchased.
The Manchester United Supporters’ Trust released a statement in response to Sheikh Jassim’s withdrawal, urging all stakeholders to prioritize the club’s interests. However, they have also questioned the nature of the planned deal, claiming there are still a lot of unanswered concerns.
“At the very least, supporters should now anticipate some clarification and the conclusion of this process. The result must also involve fresh funding for the team. The statement stated that it cannot be limited to the interests of shareholders, current or potential, as reported by the BBC.
“We demand that everyone prioritize the interests of Manchester United before their own.
“If the reports are true regarding Ineos obtaining a 25% stake in our club, there are a number of questions around the transaction which need clarity before supporters can make any judgement on its merits.”
“It would be wildly optimistic to think the Glazers are acting in the interests of supporters or making decisions which don’t center on their own priorities,” said a follow-up remark, which was attributed to journalist Simon Stone. Supporters should now anticipate clarity and the process’s conclusion, nevertheless.
“Believing that the Glazers are making decisions that aren’t centered on their own ambitions or acting in the best interests of their supporters would be extremely optimistic. Supporters should now anticipate clarity and the conclusion of this process, nevertheless.”
What does the Glazer family stand to gain from Sir Jim Ratcliffe’s Man Utd stake?
Though it has never been the Glazers’ primary priority, it is unclear if they will give up sports authority to Ratcliffe. Regardless, they will continue to play a big role in the club. Given that they have received dividends totaling over £165 million—more than £9 million annually—since their leveraged acquisition in 2005, the Glazers would be hesitant to give up this source of income.
The club’s board will vote in the upcoming week to decide whether to approve Ratcliffe’s request. Despite holding 96% of the voting rights, the six Glazer brothers occupy half of the twelve seats. This deal will close if they want it to.
