Manchester United is already experiencing the financial consequences of Sheikh Jassim’s withdrawal from the potential takeover.
On Saturday evening, it became widely known that Sheikh Jassim and his Qatari consortium had abandoned their pursuit, reportedly due to deeming the Glazer family’s £6 billion valuation as “unrealistic.”
Consequently, Sir Jim Ratcliffe, who had been Sheikh Jassim’s primary competitor, now appears to be on the verge of winning the race, but under significantly altered conditions.
Reports claim the British billionaire is closing in on purchasing a 25 per cent stake in United, paying between £1.3 and £1.5 billion for the shares through his Nine Two Foundation.
The arrangement would mean the Glazers would remain at the helm as majority shareholders butThe Telegraphclaim a clause has been negotiated for the 70-year-old and representatives of his INEOS firm take the lead on footballing operations at Old Trafford.
According to Rob Harris ofSky News, United shares have plummeted as a result of the recent turn of events.
On Monday, it was reported that shares dropped to $17.37 a share, having been more than $20 a share on Friday.
Should Radcliffe’s proposal be given the green light by United’s 12-strong board in an emergency meeting later this week, he is in line to receive an equal amount of A and B shares.
The A shares are publicly traded, with the B shares deemed to be more important.
Joel and Darcie are the only two members of the Glazer family to own Class A shares and possess the majority of Class B shares along with Avram, Darcie, Kevin, Bryan and Edward.
All 12 board members, which includes chief executive Richard Arnold and chief financial officer Cliff Baty, will receive a vote on Thursday.
A majority decision will determine the result and the final call will be in the hands of co-chairmen Joel and Avram Glazer in the event of a tie.
Kaveh Solhekol explained the situation in detail on Sky Sports News, saying: “The Glazers ultimately are going to do what is best for them. At the moment, they believe the best thing to do is to sell 25 per cent of Manchester United to Sir Jim Ratcliffe for around £1.3 billion.
“If he wants to buy the whole of United, and if the deal he signs with the Glazers guarantees they will sell the rest of their shares to him for a set price in the future, then there is a path to him owning 100 per cent of Manchester United.”
Ratcliffe, a boyhood United fan, attempted to buy Chelsea last year. He owns Nice, who are currently second in Ligue One.
Jassim, meanwhile, has been linked with both Spurs and Serie A side Inter Milan.