Financial journalist claims potential Manchester United buyer's bid is 'dead in the water', minority holders threaten to sue if Glazers accept bid
Sir Jim Ratcliffe's bid for Manchester United is said to be dead in the water after shareholders threatened to sue the Glazers if they accepted the British billionaire's bid.
That's according to Bloomberg financial journalist David Hellier who has told United View that Ratcliffe's bid is set to fail. He claims to have spoken to Red Devils advisors:
"Basically his bid as it stands is dead in the water. The reason for that is that is he is proposing a structure which would eye out The Glazers (majority shareholders) and not offer anything to the miniority holders."
He added that minority holders mainly from the United States were threatening to sue if the Glazers recommended the bid:
"I was told that they have made it absolutely clear to the Manchester United board via a letter that if you recommend this offer which predjudices us, gives us no offer at all, we end up with discounted shares, the Glazers end up with everything, we will sue."
HUGE EXCLUSIVE from @unitedviewtv & @FlexUTD this morning! 🚨
Sir Jim Ratcliffe’s INEOS #MUFC takeover bid is EFFECTIVELY DEAD as things stand. WOW.
https://t.co/sgVaFvtiEX
Hellier adds that Ratcliffe's bid is essentially dead and that one proper bidder remains. That's of Qatari banker Sheikh Jassim whose group on Wednesday (June 28) were reported to have grown in confidence of winning the bidding war.
It was reported earlier this month that Ratcliffe, chairman of INEOS, was edging ahead of Sheikh Jassim. That's because he was willing to keep six Glazer siblings in roles at Old Trafford temporarily, per The Mirror.
The current figureheads of Manchester United Avram and Joel Glazer would have temporarily retained a 20% stake in the club through Ratcliffe's proposal. Meanwhile, Sheikh Jassim is bidding for the club in its entirety. The Qatari businessman is also offering to clear the nearly £1 billion debt imposed on the Red Devils. His last bid is said to be worth around £5 billion.
Manchester United step up Andre Onana interest
Manchester United are stepping up their interest in Inter Milan goalkeeper Andre Onana, per ESPN.
The Red Devils have held talks with Onana's representatives ahead of a formal bid for the Cameroonian shot-stopper. Their pursuit of the 27-year-old comes following Erik ten Hag's decision to reportedly backtrack on a new deal for David de Gea.
De Gea's contract with United expires on June 30. He signed a new deal, but the club didn't sign it off and instead made further wage reductions. He had already agreed to take a significant hit on his current £375,000 per week wages.
Ten Hag seems intent on signing Onana, possibly as the 32-year-old's replacement, given his U-turn. He knows the Inter goalkeeper well, having coached him previously at Ajax.
Onana was in fine form in the recently concluded season, keeping 19 clean sheets in 41 games across competitions. He's reportedly valued by the Nerazzurri at £40 million.