Sir Jim Ratcliffe has agreed to buy a 25% stake in Manchester United after Sheikh Jassim bin Hamad Al Thani dropped out of the takeover process, according to 90min.
Sheikh Jassim had been pursuing a 100% takeover of the club, offering roughly £5 billion to take control of United and signaling a willingness to pay down £1 billion in debts.
The Glazers, on the other hand, have a much higher value on the club, possibly up to £10 billion, and sources have revealed to 90min that Sheikh Jassim withdrew from the process after rejecting to boost his last offer.
Instead, a deal has been reached with Ratcliffe, who will receive a 25% stake in the club.
Ratcliffe aims to obtain a full ownership of the club in the future, but is willing to start with a minority share to allow the Glazers to stay at Old Trafford for the time being.
The Glazers had been hesitant to sell United for less than their asking price, and there had long been concern about whether a deal would be reached as negotiations approached a year in length.
But Ratcliffe, whose bid for United was actually larger than Sheikh Jassim’s, has promised to take a slower approach to a full takeover and has so satisfied the Glazers.
Before finalizing his purchase, Ratcliffe, a United fan, wants to acquire the ability to purchase additional shares in the club in the future.