After months of conflicting stories and non-update updates, the Manchester United takeover saga has finally received a credible report.
Bloomberg reports that Sir Jim Ratcliffe is now restructuring his bid for Manchester United to break the impasse and get the process moving forward.
Ratcliffe’s initial bid was to take on a majority stake and leave Glazers with a certain percentage as well.
That would leave United on the stock exchange but voting shares would transfer to the INEOS chief.
However, that was not acceptable for minority investors as their shares would then remain unsold and there would be no profit for them on the sale.
It was different from Sheikh Jassim bin Hamad al Thani’s bid. The Qatari, through his foundation, offered to do a full takeover of the club and take it off the stock exchange.
In that scenario, the minority investors would also receive their due from selling their shares.
Therefore, the latter’s bid was more beneficial for minority investors and Ratcliffe’s bid was more alluring for the Glazers.
Add to that the growing uncertainty due to differing opinions among the Glazer siblings, and the process has plodded along for nearly a year without a solution.
The hope in the fanbase will be that this restructuring of the bid, which aims to appease the minority investors as well, will finally kickstart the concrete steps of the process and rid the club of the increasingly unpopular Glazers.
It remains to be seen how successful his restructuring attempts are and if they are able to convince the minority investors to change their stance on the bid.
It will also be interesting to see what, if any, response Sheikh Jassim’s side has to this development as it was widely reported in April that they have made their full and final offer for the club.