British billionaire Ratcliffe, the founder of petrochemicals firm INEOS, secured 25 per cent of the club and oversight over its football operations for a sum of around £1.2bn on Christmas Eve, ushering in a new era, of sorts, at Old Trafford.
While the deeply unpopular regime of the Glazer family retains overall control of the football club, the arrival of Ratcliffe and the minds that spearhead his sporting assets with INEOS has been welcomed in bringing about the hope of some strategic change to go about rebuilding the club on the pitch and returning it to a position of title challengers on a regular basis.
But while the deal arrived on Christmas Eve, Ratcliffe had, as revealed in Securities and Exchange Commission (SEC) filings in New York made public on Wednesday, been ready to walk away by Christmas Day if an agreement wasn't reached by shareholders.
After Sheikh Jassim bin Hamad al-Thani, Ratcliffe's main bidding rival, withdrew from the process in October, the 71-year-old was effectively the only show in town for United if they wanted to get a deal done, having gone back and forth over an agreement for a year. Sheikh Jassim was revealed in the filings to have failed to produce the requested commitment of funds at any stage.
This story is from the January 20, 2024 edition of Manchester Evening News.
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This story is from the January 20, 2024 edition of Manchester Evening News.
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