The Qatari banker has submitted several bids to buy full control of the troubled Premier League club but continues to face competition from Sir Jim Ratcliffe, one of Britain’s richest men who runs the INEOS petrochemical firm
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Erik ten Hag is under pressure at Old Trafford
Sources close to Sheikh Jassim’s camp insist nothing has changed despite reports that Manchester United ’s board will hold a meeting next week that could see Sir Jim Ratcliffe’s offer to buy a share in the club approved.
The Qatari banker has submitted several bids to buy full control of the troubled Premier League club but continues to face competition from Ratcliffe, one of Britain’s richest men who runs the INEOS petrochemical firm.
And reports overnight suggest that the latter could be put forward as the preferred bidder with the Glazer family and other board members holding a summit next week.
But the Qataris believe the status quo remains with no clarity on when a decision will be made. United and the Glazer family have kept silent since announcing their intention to “explore strategic alternatives” almost a year ago.
Their valuation of the club is about £6bn and neither Sheikh Jassim nor Ratcliffe have met that asking price.
Yet one obvious factor that may give Ratcliffe an advantage is that he is willing to structure his deal in a manner that would see the Glazers retain their places on the board in the short- to medium-term before handing over.
Little remains known about Sheikh Jassim. His father is a former Qatari prime minister, he has studied in the UK and claims to be a lifelong fan of United.
But INEOS has extensive experience in football along with other sports. The firm owns French top-flight side Nice, Swiss club Lausanne-Sport and one of cycling’s biggest teams.
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They also hold a significant stake in the Mercedes Formula 1 team. Ratcliffe, who was born in Greater Manchester, also claims to be a lifelong fan of the club.
Ratcliffe visited the club’s training ground and Old Trafford earlier this year during the bidding process, while a Qatari delegation on behalf of Sheikh Jassim have also been given a tour while discussing their plans with senior officials.
Sir Jim Ratcliffe visited Old Trafford in March. (
Image:
PA)
United are 10th in the Premier League table entering the second international break and Erik ten Hag’s team have also lost their opening two Champions League matches.
A number of off-field issues have also drawn criticism, while supporters continue to ramp up protests against the Glazer siblings, who purchased the club via their father Malcolm’s leveraged buyout in 2005.
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