Manchester United Supporters Trust release statement amid rumours regarding INEOS acquiring a 25 per cent stake of the club
Manchester United Supporters Trust has issued a statement amid rumors that INEOS are on the cusp of acquiring a 25% stake in the football club. This development comes after Qatari magnate Sheikh Jassim bin Hamad al Thani bowed out of the contest, withdrawing a bid that valued the Red Devils at £5 billion.
Sheikh Jassim had presented an audacious bid for full ownership, a 100% stake, which didn't meet the Glazers' lofty valuation. Consequentially, this rendered the floor open for Sir Jim Ratcliffe, billionaire owner of INEOS, to make his own strategic entry into the club's equity structure.
According to SkySports, the specifics of Ratcliffe's proposal - £1.3 billion for the 25% stake - are expected to be discussed in a board meeting this week. What sets this investment apart is Ratcliffe's reported intention to wield operational influence over the club's football dealings.
Following this, the Manchester United Supporters Trust issued a clarion call for clarity and prudence. The trust’s statement read (via Utd Plug):
"We call upon all parties to put Man Utd interests before their own interests. If the reports are true regarding INEOS obtaining a 25% stake in our club there are a number of questions which need clarity before supporters can make any judgement on its merits."
Sheikh Jassim pulls out of Manchester United bid
Sheikh Jassim bin Hamad Al Thani has officially withdrawn his bid to acquire Manchester United, according to BBC Sport. The Qatari financier had initially offered a staggering £5 billion for the football institution but has exited negotiations.
The Glazer family, who took ownership of Manchester United in 2005 for £790 million, revealed in November 2022 that they were contemplating the sale of the club. This announcement brought in two equivalent bids from British businessman Sir Jim Ratcliffe's INEOS Group and Sheikh Jassim, both hovering around the £5 billion mark.
Insiders from Sheikh Jassim's camp confirmed that his aspirations were directed solely at acquiring the club in its entirety (via BBC). His departure from the bidding process is notable not just for the immediate financial implications but also for the social and infrastructural projects his ownership promised.
His offer was a cash-heavy proposition that would have eradicated United's existing debt burden of nearly £970 million. It also allocated more than £1.4 billion for the refurbishment of stadiums, training centers, and community development programs.
Thus far, the Glazer family has refrained from commenting on any of the bids since initiating the potential sale in November 2022.