Sir Jim Ratcliffe will take full control of footballing operations at Manchester United as part of his co-ownership bid, according to a report by The Telegraph.
Tom Morgan contends the clause – dictating Ratcliffe’s oversight on the sporting side of the business – “explains” why the INEOS owner is willing to pay an estimated £1.35 billion for a minority stake of 25%; a figure considered to be a “significant premium” given United’s current market value.
Ratcliffe remains the only interested party in the takeover process after Sheik Jassim bin Hamad Al Thani withdrew from negotiations.
The Qatari banker cited “frustration” with the Glazer family and their “fanciful and outlandish” valuation of United.
Sources close to the Sheik Jassim claim his offer – for 100% ownership of the club – was “almost double” that of United’s stock market valuation.
At the same time, the banker had also increased his promise of infrastructure investment to £1.4 billion in the last few months.
It was not considered enough in the eyes of the Glazers, however.
Morgan believes the decision by the American owners to accept Ratcliffe’s proposal and grant him full control of the footballing operation is an “attempt to remove the Glazers from the firing line.”
Though the family would remain at the helm of United under this proposal, their decision to “take back seats” over the day-to-day running at Old Trafford may help to “calm the mood among fans.”
Ratcliffe will reportedly rely on his “local background” to try and win over the fanbase with a promise, made after the initial approach to buy the club went public in February, to make United “the number one club in the world once again.”
This promise was accompanied by “ambitions for major capital investment on infrastructure.” A key point as Sheik Jassim’s proposed takeover had included significant plans to redevelop both Old Trafford and the training ground at Carrington – two areas United fans are desperate to see investment in.
Ractliffe has previously spoken of the lessons learned from the “difficult experiences” endured after taking over OGC Nice and FC Lausanne-Sport. Without these teaching moments, the INEOS owner explained, the bid to takeover United “would have been unthinkable.”
United fans will be desperately hoping Ratcliffe has developed the requisite knowledge from these experiences to be able to start pushing the club in the right direction on the pitch, as much as off it.