Manchester United Supporters’ Trust have called for further clarity over what Sir Jim Ratcliffe’s proposed 25% minority investment actually means.
Qatari billionaire Sheikh Jassim bin Hamad Al Thani withdrew from the takeover race on Saturday night, having been pursuing a full 100% takeover of the club worth £6bn inclusive of the clearing of debts.
90min understands that his backing out from the process stemmed from the Glazer family’s valuation of the club, which is thought to near the £10bn mark.
Ratcliffe, CEO and chairman of the petrochemicals company INEOS, has instead agreed to buy a 25% minority shareholding in United, with the intention of assuming full control of the club at a later date. The transaction will only be completed, however, if Ratcliffe secures first option to buy further shares.
United‘s supporters have long been demonstrating against the Glazer’s ownership of the club, with many criticising their approach to taking money out of the club and increasing debt – dividends, director remuneration and management fees among the costs that have been paid for by the club’s earnings, with nearly £500m of shares also sold with the proceeds not being reinvested.
Following news of Sheikh Jassim’s withdrawal, Manchester United Supporters’ Trust have issued a a statement calling for all parties to put the club’s interest first. But they have also questioned the nature of the proposed transaction, stating many questions remain answered.
“What supporters should expect at the very least now is some clarity and an end to this process. Furthermore, the outcome must include new investment into the club. It cannot be solely about the interests of shareholders, whether existing or new,” the statement read (via BBC).
“We call upon all parties to put Manchester United 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 around the transaction which need clarity before supporters can make any judgement on its merits.”
A follow-up statement, relayed by journalist Simon Stone, said: “It would be wildly optimistic to think the Glazers are acting in interests of supporters or making decisions which don’t centre on their own priorities. However, what supporters should expect now is clarity and end to this process.
“It would be wildly optimistic to think the Glazers are acting in interests of supporters or making decisions which don’t centre on their own priorities. However, what supporters should expect now is clarity and end to this process.”
It remains to be seen whether the Glazers will relinquish sporting control to Ratcliffe – that has never been an overriding interest for the family – but they will still very much be a significant part of the club. After cashing in around £165m in dividends since their leveraged buyout in 2005 – more than £9m per year – the Glazers may be reluctant to give up such a revenue stream.
The decision to accept Ratcliffe’s proposal will be made after a vote from the club’s board in the coming week. The six Glazer siblings fill half of the dozen seats but boast 96% of the voting rights. If they want this deal to go through, it will.
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