Manchester United’s first year under Sir Jim Ratcliffe and Ineos ownership has been spectacularly unsuccessful.
It has been a painful year on and off the pitch for the Red Devils, with Manchester United recording their worst-ever Premier League finish and missing out on Champions League qualification after falling short in the Europa League final.
Sir Jim Ratcliffe’s net worth has plummeted since he took sporting control at Old Trafford, with his personal wealth dropping £6 billion over the last year.
The British billionaire went head-to-head with Qatar’s Sheikh Jassim in a takeover race and ultimately the Glazers agreed a minority sale to Sir Jim Ratcliffe.
Jassim submitted a £5bn proposal to buy United and clear the club of debt, but he failed to provide sufficient proof of funds before pulling out of the takeover race.
However, it seems United’s takeover saga is not yet over.
During the takeover race, Ratcliffe doubted whether Jassim even exists but it seems the Qatari royalty still has one eye on Old Trafford.
According to The Telegraph, Qatar and Jassim have not abandoned hope of one day owning Manchester United.
The report points out that Jassim withdrew from the takeover race in October 2023, but the “indication” from Qatar and those around the Sheikh is that they still believe they can complete a United takeover.
The £1.25bn deal between Ratcliffe and the Glazer family has not diminished hope in Qatar that they can one day have full control at Old Trafford.
Jassim’s bid back in 2023 was for the entirety of the Glazers’ shares, with extra investment pledged to clear United’s crippling debt.
United’s debt has grown to over £730m under the Glazers which has put the club under intense financial scrutiny. The Qataris promised that would not be the case if they were given control.
Ultimately, if Qatar did return to the table with a takeover bid for United, it is the Glazer family who will have the final say.
The Glazers can force Ratcliffe to sell his United stake by enforcing their “drag-along rights” included in the minority takeover deal.
If a deal did arrive, Ratcliffe would first be offered the same price, but given his financial challenges over the last year, it is difficult to see how he would match a full takeover bid.
A new takeover saga would pose plenty of questions about United’s future, including the £2bn new stadium plans presented by Ratcliffe earlier this year.
But given that United fans have protested against Ratcliffe since he took charge at Old Trafford, it might not be an unpopular bid.
