Sir Jim Ratcliffe has agreed deal with the Glazers to buy Manchester United after a dragging nine months of negotiations, MySportDab reports.
The Ineos billionaire and petrochemical guru has reportedly outran his rival Sheikh Jassim on the race and has finally agreed a deal with the Glazers as per report from The Mail.
Further details of the report reveals Sir Jim Ratcliffe was able to outran Shiekh Jassim due to his consistency and flexibility of his bid.
While Shiekh Jassim wanted a full takeover of the club with an offer that did not meet the Glazers’ demand, Sir Jim Ratcliffe tabled a flexible bid that seemed to resonate with the Glazers.
Ratcliffe previously wanted a majority ownership of the club in his bid for partial takeover but did make a breakthrough.
Hence, he adjusted his offer for just a quarter (25%) ownership with an offer estimated to be between £1.4bn and £1.5bn which have been given the nod by the Glazers.
The Glazers wanted £6bn to sell Manchester United but sources close to the American have revealed the Glazers consider Sir Jim Ratcliffe’s offer enough to seal a deal since he wanted a partial ownership.
Sir Jim Ratcliffe’s offer will be ratified in a matter of days in a meeting by United stakeholders according to reports.
MySportDab understand Sheikh Jassim pulled out of the race for United takeover paving the way for Sir Jim Ratcliffe to close a deal with the Glazers.
Sources close to the Qatari investors says he is deeply sorry and saddened he could not close the deal with the Glazers.
Shiekh Jassim offered a record £5.5bn just £0.5bn short of the Glazers’ £6bn valuation of the club but finally decided to pull the plug due to frustration as the Glazers refused to buck down on their valuation.
Sir Jim Ratcliffe’s 25 percent takeover agreement will finally put an end to the dragging takeover process that has lasted for nine months.
His £1.4b-£1.5bn has been estimated as one of the biggest offer for a sports franchise.