More revelations have been disclosed about Ineos’ investment in Manchester United.
Manchester United’s decision to formally announce Ineos’ 25 per cent buy-in into the club was announced on Christmas Eve.
It went without a hitch, with Sir Jim Ratcliffe seen at Old Trafford this week, while advisor Sir Dave Brailsford was in attendance as soon as Boxing Day, keen to get to work.
While a welcome, overdue, festive gift to Manchester United supporters, the timing did seem a little odd, and was criticised as ‘truly awful’ by former captain Gary Neville. It seems there was a reason for this.
Sir Jim Ratcliffe timing explained
Documents were disclosed this week, formal filings submitted to the New York Stock Exchange, which have provided some insight into what took place in the takeover negotiations.
And it has emerged that Ratcliffe’s Ineos were just one day away from being prepared to walk away from the deal, and shelving interest in Manchester United altogether.
Per The Athletic, Ratcliffe set the Glazers a firm deadline. Accept the offer by Christmas Day – or it’s over.
Having considered this, Manchester United eventually convened an emergency meeting on December 24, and voted in favour. Ratcliffe was announced later that day.
Ineos are now awaiting Premier League approval, with Ratcliffe saying he expects this to go through in February.
He met with the Supporters’ Trust this week, who discussed their positive takeaways, while Brailsford is busy scrutinising the inner workings of the club.
Manchester United would have lost out
It could have been a disaster for Manchester United if Ratcliffe had walked away, because there was seemingly no other direction to turn.
The filings, per The Athletic, showed there were doubts over the credentials and seriousness of the Qatari bid, whose offer was withdrawn in October.
If Ratcliffe had gone through with his threat, Manchester United would have entered 2024 stuck wholly with the Glazers, and more of the same.
The Glazers could have gambled that Ratcliffe was bluffing – but they dared not, and struck the deal, thankfully for all concerned.
To let it get to the point it did, one day before the deadline, shows the indecision from the Glazers which has undermined the entire process.