Here’s how much Glazers will have to pay Sir Jim Ratcliffe if they backed out of a deal while selling the club
Sir Jim Ratcliffe could force the Glazers to pay extra in order to buy their way out of the deal.
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(L) Avram and Joel Glazer (R) Sir Jim Ratcliffe ( Source: Manchester Evening News/ AFP )
The Glazer Family might now face a potential fee if they withdraw from the recently made deal with Sir Jim Ratcliffe. The financial implications of the deal could rise to £52 million if they decide to cancel the sale of their shares in the club.
The petrochemicals billionaire is set to acquire a 25% stake in the club. He will also take over the club’s footballing operations and bring in an analytics team from his INEOS group. He is also set to appoint a new Sporting Director at the club to improve facilities conditions at Old Trafford and Carrington.
In a recent revelation, he has also been assigned to demolish Old Trafford to give it a new look. If The Glazer family chooses to back out from the deal before the regulatory checkups are completed and also the Premier League formalities, which could take up to 2-3 weeks, they would have to pay Ratcliffe over $48 million plus an extra $18 million to cover up his business expenses.
Furthermore, Ratcliffe’s share is expected to rise even further to 29% of the club as he has promised an immediate $300 million for the infrastructural development of the club. After these developments, Glazers’ share could fall below 49%, giving Ratcliffe the right to refuse at the club, stipulating that he must sell his shares if the club is wholly sold within the next 18 months. INEOS consultation is also a part of the transitional phase of the club.
Leaked email from the Glazers when INEOS group member visited Old Trafford
Following the completion of Sir Jim Ratcliffe’s minority takeover of Manchester United, an internal email from the club’s owners, Joel and Avram Glazer, was leaked to the staff. The email confirmed the agreed-upon deal for Ratcliffe to purchase a 25% stake in the club, expressing gratitude for the patience exhibited by the colleagues during the lengthy negotiation process.
The Glazers stressed the strategic review’s significance and the need for the right partner. They outlined Ratcliffe’s role with “oversight and responsibility” in all football operations, including men’s and women’s teams and Academies. Staff were cautioned about legal rules, urging them to refrain from commenting on the ongoing transaction on social media.
The leaked email revealed Glazers and Ratcliffe’s aim to restore the club’s glory in English, European, and world football. Despite the recent 3-2 comeback win against Aston Villa, the club’s current sixth position in the Premier League and absence from European competitions poses a challenge. The email recognized the staff’s role in building the club and stressed the strategic importance of partnering with INEOS to achieve these goals.
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Rajveer Gupta
(137 Articles Published)