Sir Jim Ratcliffe almost walked away from his Manchester United takeover attempt, it has been revealed.
The Athletic have stated that amidst the long, drawn-out affair, the INEOS chief was close to dropping proceedings entirely.
The information, which has come from the SEC filing details, discloses that there was an informal board meeting between United’s directors on December 22, during which they had a ‘robust’ discussion after the Nice owner threatened to walk away from the process if they were not prepared to accept his proposal by Christmas Day.
The documents state: “Offeror was not prepared to accept any other changes proposed by the non-affiliated directors, and gave Manchester United a deadline of December 25, 2023 to accept its best and final proposal.”
It appears that the United board were alarmed by Ratcliffe's stance and so they hurried a meeting on December 24 and subsequently voted through the billionaire’s proposal. The Premier League giants officially announced the sale of a minority stake to Ratcliffe on December 24. The deal saw Ratcliffe acquire a 25% stake in the club for approximately £1.3 billion, as well as taking over responsibility for football operations.
The announcement came over a year after the Glazers declared their intention to explore strategic options for the club, which was thought to include a complete sale of the club.
Although both Ratcliffe and Qatari businessman Sheikh Jassim Bin Hamad Al Thani expressed interest in a full takeover of Old Trafford, the Glazers decided to accept Ratcliffe's proposal for acquiring a minority stake. The Glazers have retained their position as majority shareholders in the club, but it’s believed that Ratcliffe may push for a higher stake down the line.
The club released a statement saying that Ratcliffe's responsibilities, "will include all aspects of the men's and women's football operations and Academies, alongside two seats on the Manchester United PLC board and the Manchester United Football Club boards.
"The joint ambition is to create a world-class football operation building on the Club's many existing strengths, including the successful off-pitch performance that it continues to enjoy."
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