Glazers now willing to enter final talks with Sir Jim Ratcliffe to discuss details of the sale of Manchester United - Reports
According to The Times, the Glazers are now willing to enter the final stages of talks with Sir Jim Ratcliffe regarding Manchester United's sale. The British billionaire has moved ahead of Sheikh Jassim bin Al Thani's Qatari contingent with his latest bid.
Britain's richest man has reportedly offered a deal that would see Avram and Joel Glazer stay involved with the club. The sum of the deal could rise up to as much as £6 billion.
The Qataris reportedly wanted to take over 100 percent of the stakes owned by the Glazers and offered a sum below £5 billion. Among six Glazer siblings, Avram and Joel are reportedly still interested in staying involved.
Hence, Ratcliffe's offer is a more suitable one for them and they are looking to initiate the talks to finalize the sale.
However, a last-ditch bid from Qataris could still come and can potentially shift the balance of the situation. As for now, the petrochemical industry tycoon looks on course to completing a deal.
Even if Ratcliffe's INEOS group comes in control of Manchester United, the New York bankers, Avram and Joel Glazer, and the associates will still have control over matters.
There have been reportedly some controversies regarding deals of the B-share. The B-share is the voting rights within the club. The A-share is the club's position in the New York stock exchange.
Ratcliffe will initially shell out a whopping £2.5 billion to initiate the takeover if it is sold to the INEOS group. He will pay the rest of the amount in stages to buy the stakes held by the Glazers within the next two to four years. The Glazers currently own 69 percent shares of the Red Devils.
When did the Glazers buy Manchester United?
The Glazers bought Manchester United back in June 2005 for a sum of £790 million (according to Reuters). While the club found success during the initial stages of their tenure by winning the UEFA Champions League and the Premier League, it dried up with time.
Since Sir Alex Ferguson's retirement in 2013, trophies have been hard to come by for the Red Devils. For a club of Manchester United's stature, it is a situation hard to accept for the fans.
The Glazers have also been questioned about the club's activity or the lack of it in the transfer market. Overall, fans were not satisfied with the American owners in recent times. It seems like a takeover is about to be completed soon.