Revealed: Man United takeover hours away from collapse after Ratcliffe demand
Sir Jim Ratcliffe’s takeover of Man United was just hours away from collapsing after he set a strict timeline for the deal to be agreed, Football Insider can reveal.
The Manchester club’s filings to the US Securities and Exchange Commission (SEC) were published on Wednesday (17 January) revealing in-depth details about Ratcliffe’s takeover.
The British billionaire completed a deal to purchase 25 percent of the club’s shares on Christmas Eve.
It is understood that Ratcliffe’s acquisition is the start of a phased takeover that will eventually see him take majority control from the Glazer family.
However, documents from the SEC filing reveal that Ratcliffe’s deal almost collapsed after the 71-year-old set a strict timeline demand for the Glazers.
The filing explains that an “informal” board meeting was held on December 22 where Ratcliffe threatened to walk away from the deal if it was not agreed by Christmas Day.
Ratcliffe informed the Glazers that he was “not prepared to accept any other changes proposed”.
An emergency board meeting was then called by senior figures at Man United on Christmas Eve where the deal was voted through and publicly announced.
The filings also reveal that Ratcliffe initially wanted to purchase the Glazers’ majority stake outright with an offer made in March 2023 that valued the club at £4.5billion.
Ratcliffe increased his offer in May that saw the club valued at £4.8billion, but after it was rejected he restructured his proposal to the current 25 percent ownership agreement.
In other news, Ratcliffe fast-tracks £200m+ Man United plan after training-ground visit
For more Man United and exclusive news, follow us on Facebook or join our brand new WhatsApp Channel for instant updates to be sent straight to your phone.