THERE could be yet another twist in Manchester United’s takeover saga after reports suggested ALL SIX of the Glazers could retain shares in the club.
Man Utd is in the final stages of its sale from the Glazers, with Sir Jim Ratcliffe said to be the frontrunner ahead of Sheikh Jassim Bin Hamad Al Thani.
GettyJoel Glazer, left, Avram Glazer, centre, and Bryan Glazer, right, could all retain shares in Man Utd[/caption]
PAIt comes as part of Sir Jim Ratcliffe’s offer, which has been complicated by a lack of cohesion between the brothers[/caption]
Sheikh Jassim wants to make a full takeover of the club
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The Red Devils faithful are desperate for a full sale of the club, following almost two decades of fractured relations between the fans and owners.
However, the latest report from the Financial Times will not serve this desire well.
The report suggests ALL SIX brothers could now retain shares in United as part of a “phased takeover” by Ratcliffe.
Family dynamics, particularly regarding cohesion, and deal structure have complicated the INEOS owner’s bid, with four brothers – Bryan, Darcie, Edward and Kevin – wanting a full exit while Joel and Avram want to extend their stay.
Unlike the Sheikh Jassim-led bid, Ratcliffe is not seeking to do a full takeover in one go.
Instead, his takeover would see the remaining shares brought from the Glazers in the coming years through derivative contracts.
The Times said two people close to deal revealed the Glazers’ were now “focused on a structure to allow the six siblings to sell down their holdings in proportion to their holdings”.
In order to take control of the club’s voting power Ratcliffe must acquire enough special class B shares, with the Glazers currently possessing 95 per cent of these.
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This offer will reportedly not be passed on to common shareholders, who hold the majority of the club’s publicly traded A shares.
However, an added complication to this is that the transfer of class B shares from the Glazers automatically converts them into class A shares.
A possible solution to this is the Glazers changing the rules allowing the class B shares to move to Ratcliffe without transferring into A shares.
The takeover is expected to be worth more than £5billion including debt, though due to the speculation on the market, the current equity price of the club is roughly $3bn (£2.4bn).
The report adds a deal is not “expected imminently” despite the long-winded sale process and growing frustrations from fans.
In the meantime, United face a Manchester derby showdown with Manchester City in the FA Cup final.
