Despite initial hopes of new ownership, Manchester United may still remain under the majority control of the Glazer family, much to the disappointment of passionate fans. Qatari banker Sheikh Jassim bin Hamad Al Thani’s withdrawal from the bidding process left room for British billionaire Jim Ratcliffe, who is reportedly interested in acquiring a minority 25% stake in the club. Manchester United Supporters Trust spokesperson Chris Rumfitt expressed concerns that a minority partner merely propping up the Glazers would not bring the needed change and investment, hoping for a clear path to a majority share transfer.
FOR SALE?
The Glazers, who also own the NFL’s Tampa Bay Buccaneers, initiated a process for new investment or potential sale of Manchester United last November, led by U.S. merchant bank Raine. While they considered outright buyout offers, United aimed to explore strategic alternatives, which could include new investment without ceding control. The Glazers, led by the late Malcolm Glazer, bought United in 2005, in a deal criticized for its leveraged nature and dividends.
Despite financial concerns, United achieved significant on-field success during their ownership, including a Champions League title and multiple Premier League championships.
INTERESTED PARTIES
Sir Jim Ratcliffe, a lifelong Manchester United fan, aimed to acquire the Glazers’ 69% share through Ineos, emphasizing a fan-centered approach and a return to Champions League glory. Sheikh Jassim, the chairman of Qatar Islamic Bank, sought full ownership and pledged to clear debt and invest in the club’s infrastructure and squad to restore its former glory. They were the two prominent bidders, with other potential minority investors in the mix.
DELAYS
The anticipated conclusion of the ownership transition, scheduled for the off-season transfer window in June, faced delays amid a battle between Ratcliffe and Sheikh Jassim. Fan protests outside Old Trafford and chants of “Glazers out” highlighted growing impatience. Sheikh Jassim’s decision to withdraw followed a period of silence and uncertainty, raising questions about the Glazers’ intentions regarding the sale.
BREAKDOWN
On Saturday, the news came that Sheikh Jassim was withdrawing from the process. While the size of his bid was not confirmed, a person with knowledge of his proposal told the AP it was almost double United’s current market valuation of $3.2 billion.
The person spoke on condition of anonymity because of confidentiality restrictions around the process.
While concerns had been raised about Qatar’s human rights record and the potential that United could be used as a “sportswashing” project, fans wanted to see the club compete with the exorbitant spending of Abu Dhabi-backed Manchester City.
RATCLIFFE’S CREDENTIALS
Sir Jim Ratcliffe, one of the UK’s wealthiest individuals with an estimated worth of $15.1 billion, previously made attempts to buy Chelsea and presently owns French club Nice, Team INEOS cycling franchise, and a share in the Mercedes-AMG Petronas Formula One team. Reports suggest his interest in taking over soccer operations at Manchester United, which has seen a period of decline since the retirement of manager Sir Alex Ferguson, notably losing its Premier League dominance to Manchester City and Liverpool in recent years.
