Manchester United are ploughing ahead with a revolution backed by new investors Ineos.
A year ago, we wondered if a sale of Manchester United would ever get done. And we were kept holding on for a conclusion to the takeover process until December.
It wasn’t quite the full sale we envisioned, with Ineos winning the race, buying a stake in the club. Yet, Sir Jim Ratcliffe’s group are being given serious power to make changes, and this partial takeover could lead to a full one later down the line.
Ineos are currently working on reshaping the structure behind the scenes, with direct control over football operations one condition of their buy-in.
Raine Group CEO speaks out
Manchester United’s takeover process was conducted by The Raine Group, who oversaw the sale of Chelsea previously.
Raine’s CEO Joe Ravitch has been speaking to The Times, and has shed a little light on the process.
Responding to speculation over Ineos’ rival bidder Sheikh Jassim, Ravitch said: “We met Jassim. He’s a lovely guy; a very smart guy. The Qataris were very real. They were very smart guys, very thoughtful. I don’t know why they didn’t appreciate the value [of the club] but we were not their adviser.”
Ravitch also revealed Raine’s final talks with the Qatari group, as they tried to get the best possible deal for the Glazers and meet their asking price.
He explained: “We said to them, ‘You’re within 10 per cent, why don’t you get in a room and try to get to a deal.’ But they said no. I think they were very conscious of criticism if they were seen to be overpaying.”
Ravitch went on to suggest he believes the Glazers made the ‘right decision’ to with Ineos’ offer, although believes Jassim would have also been a good option for United.
He said: “Ultimately we think they would have been good owners but we think the Glazers made the right decision not to take the lesser value, and go with Ratcliffe instead.”
Manchester United fans excited by bright future under Ineos
It is fair to say there were split views among Manchester United supporters over who the Glazers should have sold to, at the time.
Thankfully a deal did get done, because there was real concern over whether they would sell at all.
Sir Jim Ratcliffe revealed Ineos were close to walking away before the deal was confirmed in December.
At this early stage, Ineos appear to be the right move. They are conducting a much-needed behind the scenes overhaul, and there is work ongoing to look at the possibility of building a totally new stadium.
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