Potential Manchester United owner makes new demand of the Glazers

Sir Jim Ratcliffe, the owner of the Ineos Group, has reportedly demanded immediate control over transfers as part of his bid for a majority stake in Manchester United from the Glazers.

According to reports, Ratcliffe’s bid for the club puts a higher value on it than the £5bn offer made by Qatari banker Sheikh Jassim, who is looking to buy 100% of the club.

Ratcliffe was initially thought to be interested in the Glazers’ 69% controlling stake, but it has since been reported that he is willing to reduce this figure to allow co-chairmen Joel and Avram Glazer to retain some link to the club.

While the Glazers weigh up the offers on the table, around 1,000 Manchester United supporters protested against their ownership before the club’s 1-0 victory over Aston Villa on Sunday.

The Telegraph has reported that Ratcliffe’s demand for a majority stake in Manchester United includes immediate control of transfers from the moment a potential deal is agreed. However, it is unlikely that such a request would be accepted before the Glazers have completed a sale.

Meanwhile, Sheikh Jassim is said to want an even wider oversight of club affairs.

Under his request, the Glazer family would be running any potential financial commitment past the banking executive as soon as a deal is agreed. One source was dismissive of these requests, noting that full control of club dealings would be a “legal and theoretical impossibility prior to a deal being closed.”

However, such demands are not uncommon in major acquisitions, as buyers may seek approval rights to ensure that a company’s accounts are not drained before completion.

Corporate specialists have suggested that buyers can request approval rights to protect their investment and interests, particularly when there is expected to be a significant period between a preliminary agreement and the formal closing of terms.

The Glazers are yet to make a decision on the offers for the club, but it seems that whoever takes control of Manchester United, whether it be Ratcliffe or Sheikh Jassim, will have significant demands for control and oversight.