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Qataris will not increase United offer

The Qatari group bidding for Manchester United will not increase their existing offer of £5 billion despite the threat posed by a new deal being tabled by Sir Jim Ratcliffe.

This week it emerged that the Glazers were considering Ratcliffe’s offer of £1.5 billion for a 25 per cent stake as part of what could be a staged takeover at Old Trafford. One insider close to the process has described the British billionaire’s proposal as “feasible”.

However, sources close to the Qatari group being led by Sheikh Jassim Bin Hamad al-Thani say that the news of Ratcliffe’s restructured bid — he had initially offered to buy the 67 per cent stake belonging to the Glazer family — amounts to another pressure tactic designed to make them increase their bid.

While the Glazers value United at about £6 billion, the Qataris remain convinced the price is too high and are standing by their offer of £5 billion for a 100 per cent purchase: not least because Erik ten Hag’s side are misfiring on the pitch, the debt stands at about £1 billion and the Old Trafford stadium and training ground remain in dire need of modernisation.

The new proposal from Ratcliffe is being met with some scepticism among certain well-placed observers who question whether a significant sum of money will be available for investment in the football club. Further to that, it is unclear how much influence Ratcliffe will enjoy if his stake is limited to 25 per cent.

Even so, the deal could yet be one the Glazers accept if it is the first step in Ratcliffe and his petrochemicals firm, Ineos, taking full control.

When Ratcliffe was initially bidding for the entire Glazer stake, his offer met the overall valuation of the American owners and it was for that reason that he was considered the favourite to purchase the Premier League club. Even now his offer for a reduced stake meets the Glazer valuation.

The revised deal also removes the threat of potential litigation. Some holders of the publicly traded A shares were preparing to launch a legal challenge if Ratcliffe limited his deal to the B shares — which carry more voting rights — owned by the Glazers. As it is, the new deal would involve Ratcliffe buying a mixture of A and B shares

 

 

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