The future of Manchester United: the withdrawal of the Qataris and the possible offer of Ratcliffe
Manchester United shares fell in pre-market trading on Monday following news over the weekend that the Qatari group had walked away from a potential takeover.
According to Bloomberg news; The Qataris’ withdrawal could pave the way for British billionaire Jim Ratcliffe to take control of the famous football club.
The bidding process, which has been going on for about a year, has been plagued by delays due to bids that did not meet the Glazer family’s expectations of £6 billion ($7.3 billion), disagreements between the club’s owners over whether would be sold and at what price and the minority shareholders’ fear of litigation.
Manchester United’s board was already due to meet this week to discuss earnings and Ratcliffe’s bid will now also be discussed, according to people with knowledge of the situation.
Jim Ratcliffe
THE RATCLIFFE OFFER
The Qatari bid, led by Sheikh Jassim Bin Hamad JJ Al Thani, was the only offer for 100% of Manchester United and promised to rebuild the club’s dilapidated stadium. It has been claimed that Ratcliffe could have an initial stake of around 25% in Manchester United, valuing the club at more than £5 billion ($6.1 billion).
Such a valuation would give Manchester United a potential share price close to double the club’s current valuation of $20 per share.
Manchester United shares fell as much as 22% in pre-market trading in New York on Monday before paring their losses.
THE WITHDRAWAL OF THE QATARIANS RECEIVED REACTIONS
Bloomberg reported last week that Ratcliffe was the favorite to buy Manchester United, with the British billionaire gaining the upper hand over the Qataris with his newly revised bid.
Following Qatar’s exit from the current bidding process, most of the fan reaction has been negative.
Flex, co-founder of YouTube channel United View TV, said: “Manchester United fans are feeling extremely angry and frustrated as they stare into a deep, dark hole, not knowing what the future holds for them. “They predict more mediocrity and lower standards.” saying.
RATCLIFFE: “WE WILL DO A GOOD JOB”
Ratcliffe, one of England’s biggest businessmen, is unlikely to remain in the background at the club if the Glazers accept his offer.
“We have a good offer,” Ratcliffe, a lifelong Manchester United fan, said at a media event in London in July. “We still want to do it and I think we’ll do a good job if we do it.”
Ratcliffe’s sports teams have had mixed results since his company Ineos invested, but top football team OGC Nice have had a good start to the season and are currently second in Ligue 1, ahead of Paris Saint-Germain.