Sports
Manchester United’s future set to be shaped by 12-men
The future could be a beautiful dream Manchester United fans envisioned or a nightmare they now dread happening.
The potential ownership of Manchester United by Sir Jim Ratcliffe has sent shivers down every United fan following the confirmation that Sheikh Jassim, the Qatari business man who had interests in purchasing the club had backed out of its purchase.
As with every football club that has existed over the years, the future of the club rests on the shoulders of its owners and those who end up running its affairs.
With significant development rising, Manchester United’s future and that of potential co-owner of the club, Sir Jim Ratcliffe, could be dependent on 12-men.
Based on the reports, these 12 individuals are set to determine the fate of Sir Jim Ratcliffe’s potential minority takeover of the club.
The INEOS chief has struck a deal to acquire a 25 percent stake in Manchester United from the Glazer family. The Daily Mail suggests that this landmark agreement could be officially ratified within a matter of days.
This revelation follows the withdrawal of Qatari businessman Sheikh Jassim from the race to take control of the club, signaling a pivotal moment for Sir Jim Ratcliffe, a lifelong Manchester United supporter who is edging closer to fulfilling his dream of ownership.
The Telegraph discloses that, as part of the negotiations, the 70-year-old Ratcliffe has secured a clause that would grant him and INEOS representatives influence over football-related matters at the club.
Such an arrangement could pave the way for the long-anticipated renovation of Old Trafford.
The Athletic reports that the final decision on Sir Jim Ratcliffe’s takeover will be made during an emergency board meeting scheduled for Thursday. This high-stakes decision will rest in the hands of 12 individuals.
Manchester United’s ownership structure involves Class A and Class B shares.
All six members of the Glazer family, including Joel, Avram, Darcie, Kevin, Bryan, and Edward, hold Class B shares, granting them a say in this pivotal decision.
Of these family members, Joel and Darcie are the only two with Class A shares, which are also traded on the New York Stock Exchange.
Additionally, as of the June 2022 financial results, they hold the majority of Class B shares. Nevertheless, for this crucial vote, their influence will be no greater than that of other board members.
Among the board members are the club’s CEO, Richard Arnold, whose future may be in question should the takeover proceed, and the Chief Financial Officer, Cliff Baty.
Patrick Stewart, the club’s legal counsel, also sits on the board and serves as an arbitrator at the Court of Arbitration for Sport (CAS).
The remaining members of the 12-strong board consist of independent directors: Robert Leitao, managing partner at Rothschild, former ICC CEO Manu Sawhney, and former Giorgio Armani Deputy Chairman John Hooks.
Each of these 12 board members will cast their vote, and the final decision will be determined by a majority consensus. In the event of a tie, co-chairmen Joel and Avram will make the pivotal decision that could reshape the club’s future.
