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United deal likely before turkeys roast

Sir Jim Ratcliffe is closing in on a roughly $33-per-share deal with the Glazer family that would see the British tycoon buy about 25 per cent of Manchester United. If agreed, the deal would value the Premier League club at about $5.4bn and implies an enterprise value of more than $6bn including debt based on the existing number of shares in issue

There is a desire to get the deal agreed by the end of next week and before the US Thanksgiving holiday on November 23, according to people familiar with the matter. However, they cautioned that negotiations are ongoing, meaning the timeline could change. 

 Next week will mark one year since the Glazers, who have controlled United since a £790mn leveraged buyout in 2005, said they would consider a sale or an injection of capital from outside investors. 

Ratcliffe’s flexibility and willingness to consider a range of proposals have been key to establishing him as the favourite to strike a deal. 

United shares rose by more than 8.5 per cent in pre-market trading on Friday, hitting $20, valuing the club at more than $3bn.

Ratcliffe is also poised to invest an additional sum in the region of $300mn in addition to buying existing equity, according to the people familiar with the situation. The money, which can be used for a variety of purposes, signals Ineos’s intent to improve United’s infrastructure, including the club’s Old Trafford stadium. 

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