INEOS chairman Sir Jim Ratcliffe is poised to purchase a minority stake in Manchester United, but the deal will not be approved at the upcoming board meeting scheduled for Thursday, October 19.
Ratcliffe has been negotiating to secure a 25% ownership of the Premier League giants for £1.3 billion, a move that would grant INEOS control over the footballing operations of the Red Devils.
However, the intricacies of the proposal pose a challenge to completing the deal quickly.
Chief Reporter at Sky Sports News Kaveh Solhekol said: “It’s a very complicated deal, but I think that is why it is taking a little bit longer than anticipated.
“We’re approaching the end game, and I think that is going to be Sir Jim Ratcliffe buying at least a minority stake to begin with.”
Further fuelling speculation that Ratcliffe’s acquisition of a United stake is inching closer, Bloomberg reported that INEOS will conduct a credit update call on Monday to provide shareholders with the latest insights into the ongoing developments.
However, the Thursday board meeting at United follows standard practice and has not been specifically convened to address the Ratcliffe deal.
These meetings are regular at the club and conducted virtually because the Glazers live in the United States.
Sheikh Jassim bin Hammad Al Thani officially withdrew his bid from contention over the weekend. He wanted to buy the club in full and pursued a deal for eight months.
Ratcliffe initially set his sights on acquiring the Glazer family’s 69% shareholding but has now consented to let the American family retain their majority stake, potentially paving the way for a future full takeover.
As fans and pundits eagerly await the outcome of Thursday’s board meeting, the fate of the Red Devils hangs in the balance, with the Ratcliffe-INΕΟS-Manchester United venture at a critical juncture.
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