Stunning reports indicate that a specific date has been established for the finalization of Manchester United’s takeover.
In November of the previous year, the Glazers, who own the Premier League powerhouse, initiated a sale process, revealing their consideration of ‘strategic alternatives’.
For the past nine months, the takeover negotiations have unfolded, with Ineos founder Jim Ratcliffe and Qatari banker Sheikh Jassim contending for ownership.
Reports suggest that the club’s American proprietors favored Ratcliffe’s proposal, as it would have allowed them to maintain their shares.
Despite reports suggesting Avram and Joel Glazer fancied Ratcliffe’s proposal,The Sunstate Sheikh Jassim has fought off the British billionaire in the bidding process.
The report claims Sheikh Jassim is set to complete his full £6 billion takeover ofMan Unitedby mid-October.
A date is pencilled in, and an official announcement could come as early as next month.
Sheikh Jassim’s team are now completing their due diligence on the Old Trafford outfit before they take the club off The Glazers’ hands.
The takeover update will delight Man United fans who had fears the current ownership would change their minds and cling on to a slice of the club, which Ratfcliffe was proposing.
According to the report, senior figures within Manchester United warned the Glazers about the potential vehement fan backlash if they retained shares in the club.
However, by divesting the ownership of the Red Devils, the Glazers are set to reap a substantial profit, given their original £800 million takeover in 2005.
Since then, servicing this debt has incurred a cost of over £1 billion for Manchester United, and their recent financial reports indicate a gross debt of £725 million.
The report indicates that Sheikh Jassim’s plan involves eradicating this debt to prevent further expenses and abstaining from receiving any dividend payments from the club.
The Qatari’s takeover strategy encompasses enhancing the stadium and the team’s training facilities, not to mention substantial investment in the squad.