If the latest reports are to be believed, Sheikh Jassim’s hopes of completing a takeover at Manchester United have just got slimmer.
The Qatari banker launched his bid for the club all the way back in February after the Glazers announced they were ‘seeking strategic alternatives’ last November. Sheikh Jassim emerged as an early frontrunner, although British billionaire Sir Jim Ratcliffe has remained firmly in the race as well.
Several rounds of bidding have followed since those February bids, before the Sheikh submitted a fifth and final offer for United in June having decided the current owners and the Raine banking group which is conducting the sale process have had ample time to seek or request clarification and revision of his offer.
However, it appears Sir Jim has been more flexible. While it has long been mooted that the INEOS owner’s takeover could see the Glazers remain in some capacity, reports have recently claimed he is open to taking an initial 25 per cent stake in the club ahead of a potential phased takeover.
On Thursday night a further report from Bloomberg claimed the Glazer family ‘currently views Ratcliffe’s bid for a minority stake as more attractive than an alternative Qatari offer for the whole club’. It added that United’s board could meet to discuss the latest proposal ‘as soon as the next few days’.
If true, that could be worrying news for Sheikh Jassim. In a recent interview with INEOS.TV Ratcliffe said: “You can’t really contemplate acquiring a brand like Manchester United and failing because the failure is just far too public and excruciating in a deal like that.”
While keeping the Glazers around would clearly be far from ideal, Sir Jim appears eager to do whatever it takes to get involved with the club he has supported since childhood. And his latest attempt appears to be swinging the pendulum in his direction.
The Bloomberg report did add that ‘the situation remains fluid and the Qatari group could still increase its bid’. It seems at this point that if Sheikh Jassim wants to secure a takeover, he may well need to increase his offer.
With United’s board potentially meeting to discuss Ratcliffe’s offer in the coming days, he may need to act quickly.
