A year is a long time in football and it feels even longer when Manchester United are concerned.
Today (Wednesday, November 22) marks the first anniversary of the Glazers announcing they would listen to offers, effectively firing the starting gun on a sale process that could lead to their eventual departure from Old Trafford.
Manchester United also announced on that very same day that a certain Cristiano Ronaldo would be the departing the club after hitting out at the manager and hierarchy.
The process has proved so tortuous and protracted that United’s takeover has almost become a feature of the English football landscape by default.
At various stages, the takeover proceeded at such a glacial pace that the prospect of the Glazers relinquishing any sort of power appeared as concrete as a hologram.
But 12 months on, the race may have finally entered its home straight with Sir Jim Ratcliffe poised to take over a 25 per cent stake in the club to the tune of £1.4billion.
The INEOS boss has beat Sheikh Jassim to the post, despite the Qatari consortium tabling a £5.5bn deal for the full control of the club.
The Glazers remain as unpopular as they have ever been in their 17 years at Old Trafford, but Ratcliffe taking control of a 25 per cent stake feels hugely significant.
As ever when it comes to the United owners, however, nothing is straightforward and while the deal was agreed back in October, it is yet to be formally ratified.
Here, Mail Sport charts the key stages of what has been an interminable takeover process.
Sir Jim Ratcliffe is poised to complete the takeover for a 25 per cent stake in Man United
The Glazers put the club up for sale in November last year, but the process has dragged on
November 22, 2022
In a move that sends the proverbial shockwaves through the world of football and beyond, the Glazers declare they are ready to sell Manchester United and will listen to offers in excess of £5bn.
The Raine Group and Rothschild and Co are appointed as exclusive financial advisors to oversee the process.
A statement from co-chairmen Avram and Joel Glazer read: ‘The strength of Manchester United rests on the passion and loyalty of our global community of 1.1bn fans and followers.
‘As we seek to continue building on the club’s history of success, the board has authorised a thorough evaluation of strategic alternatives.
‘We will evaluate all options to ensure that we best serve our fans and that Manchester United maximises the significant growth opportunities available to the club today and in the future.’
While open to a full sale, the Glazers note they ‘will consider all strategic alternatives, including new investment into the club, a sale, or other transactions’.
The caveat will become particularly significant over the following 12 months.
February 17, 2023
Sir Jim Ratcliffe and Sheikh Jassim present their takeover bids ahead of the ‘soft deadline’ for offers.
The INEOS boss hires Wall Street giants JP Morgan and Goldman Sachs to advise him with the bid and hopes he he can ‘put the Manchester back in Manchester United’ if his over is successful.
The Qatari bid, meanwhile, is believed to be in the region of £4.5bn and for the full control of the club.
In a statement, the Qatari consortium promises to restore United to ‘former glories on and off the pitch’.
INEOS boss Ratcliffe has been one of the two main bidders since the process started
Sheikh Jassimi headed a Qatari consortium, which bid £4.5bn for the Premier League club
February 18, 2023
US hedge fund Elliott are reported to have made a last-minute bid for United.
According to reports, the group – which previously owned Serie A side AC Milan and manages £46bn in assets – is not looking at a full-scale takeover and instead wants to help provide the financing for a bid.
February 28, 2023
The first signs the takeover will be far more complicated than anticipated begin to emerge amid reports the Glazer family, are considering remaining in control of United.
The development sends United shares tumbling by 13 per cent, while Mail Sport reports the bidders can expect to hear back from Raine within a week.
Those in the running are expected to be given access to United’s full financials, after being given a glimpse following their initial expressions of interest.
March 1, 2023
United’s takeover appears set to be delayed until May with the Glazer family reportedly holding out for a bid of £6bn after initial offers from Qatari investors and Sir Jim Ratcliffe were lodged at a maximum of £4.5bn.
March 7-10, 2023
On March 7, Ratcliffe and Sheikh Jassim make it through to the next stage of the bidding process and are due to meet United’s executives the following week.
Three days later, Elliott Management also make it through to the second stage of the sale process.
As reported by Mail Sport, a period of due diligence questions and answers is already underway, with discussions between various groups ongoing.
Those still in the hunt can request financial information before they head to Old Trafford for further talks.
Investment in United’s ageing infrastructure has been at the forefront of the bidding
Ratcliffe has pledged to invest £245m to improve the facilities at Old Trafford
March 16-17, 2023
Ratcliffe and representatives for the Qatari bid meet Raine Group officials at Old Trafford before being given access to detailed financial information.
Notably, Sheikh Jassim does not attend the meetings.
March 22, 2023
Not for the first time, the takeover race descends into farce as representatives of the Qatari consortium and of the INEOS bid both claim their second offers were submitted before the deadline.
But speaking to Mail Sport, United sources strongly deny that a bid from either had materialised and state that both had actually asked for more time, which was granted.
Elliott Management are understood to have submitted their bid for a minority stake before the soft deadline.
March 23, 2023
Finnish businessman Thomas Zilliacus claims to have submitted an offer to buy half of United, proposing for fans to purchase the remainder.
A press release issued by social media group novaM Group, which Zilliacus founded and chairs, states the company would fund half of a proposed takeover.
The remainder would be funded by the fans – Zilliacus proposes – who would be able to vote on football matters related to the club via an app.
March 24, 2023
Ratcliffe and the Qatari consortium both submit revised bids for United after Raine extended the soft deadline two days earlier.
April 11, 2023
The Glazers set out plans for a third and final round of bidding to take control of United, with two separate deadlines.
The first is related to due diligence, while the second – which falls on April 28 – is for final bids to drop. Mail Sport reveals the Glazers are seeking a full sale of the club rather than partial investment.
April 12, 2023
Finnish entrepreneur Thomas Zilliacus withdraws his bid and brands the Glazers’ decision to arrange a third round of bidding a ‘farce’.
‘The delays will make it very difficult for any new owner to build a winning team for next season,’ he says in a statement on X.
‘The bidding is turning into a farce, with Glazers giving no respect to the club.
‘Jim Ratcliffe, Sheik Jassim and myself all were ready to negotiate a deal to buy United. Instead Glazers chose to start a new round.
‘I will not participate in a farce set up to maximise the profit for the sellers at the expense of Manchester United.’
April 17, 2023
Avram and Joel Glazer are reportedly growing increasingly confident of remaining in control of the club by securing outside investment.
Several American investment funds have expressed an interest in taking a minority stake in the club, which has emboldened the Glazers’ belief they may remain in charge.
April 28, 2023
Sheikh Jassim lodges a final bid of more than £5bn for United ahead of the third deadline – with the promise of significant additional funding for transfers and infrastructure.
The bid is for 100 per cent of the club and Sheikh Jassim’s deal would buy out the Glazers and all other shareholders. The Qatari bid also pledges to invest around £1bn on either redeveloping Old Trafford or building a new stadium, along with transforming United’s training facility.
The bid from the Qatari, however, remains well short of the £6bn asking price the Glazers are understood to be wanting.
Meanwhile, Ratcliffe also submits his third bid as he seeks to acquire a controlling stake of more than 50 per cent which would see United priced at over £5bn.
His offer includes an option that would allow two brothers from owners the Glazer family, Joel and Avram, to retain their 20 per cent stake.
The proposal is immediately viewed as controversial by sections of United’s fanbase.
The sale process has been conducted against the backdrop of continued protests from United fans demanding the Glazers end their unpopular 17-year stay at Old Trafford
Large sections of United fans have vocally demanded the Glazers sell the club, rather than remaining in charge with Ratcliffe on board as minority owner
May 16, 2023
Sheikh Jassim makes an extraordinary eleventh-hour ‘take it or leave it’ offer for the club. As reported by Mail Sport, the Qatari consortium submits a final bid in the hope of resolving the impasse that has dragged on for over six months.
The Qatari’s offer would wipe out the club’s £536m debt and includes pledges of significant investment in the playing squad and in the upgrade of Old Trafford.
June 7, 2023
Sheikh Jassim submits yet another final offer, tabling his bid directly to the Glazers and Raine Group.
Mail Sport understands the Sheikh has also told United they have just over two days to respond.
August 2, 2023
Over three months since the third and final deadline, the takeover saga rumbles on with United in discussion with multiple parties.
Mail Sport understands that the current situation is that discussions are continuing with a number of groups with a view to a full sale or partial investment, with the Qatari bid thought to be slightly ahead.
October 14, 2023
Sheikh Jassim withdraws his offer to buy Manchester United after growing increasingly frustrated with the Glazers.
The Qatari consortium tabled five separate bids, but his last offer of £5.5bn fell short of the £6bn the Americans are thought to want.
News of his withdrawal opens the door for Ratcliffe to complete a deal for a 25 per cent stake in the club.
Sheikh Jassim withdrew his fifth and final offer to purchase United back in October
United announced CEO Richard Arnold will depart the club next month as part of the expected revamp of football operations Ratcliffe is expected to implement
November 3, 2023
Ratcliffe will reportedly pledge to invest £245m to improve United’s ageing infrastructure and will fund the investment himself, rather than add to United’s existing borrowings.
November 15, 2023
With Ratcliffe expected to take control of football operations at Old Trafford, United begin ringing the changes.
The club announces chief executive Richard Arnold is set to depart to be replaced by United’s top lawyer Patrick Stewart on an interim basis. One of Ratcliffe’s key aides, INEOS Sport chief executive Jean-Claude Blanc, is viewed as a potential permanent replacement.
November 16, 2023
United are reportedly set to axe football director John Murtough amid an overhaul to the club’s structure.
Ratcliffe’s £1.3billion investment for a 25 per cent stake of the club, is expected to be confirmed next week, but could take a further two months to be ratified by the Premier League.
Source
Disclaimer: No copyright infringement intended. All rights and credits reserved to respective owner(s).
Add Comment