Sir Jim Ratcliffe, one of the two main parties racing to acquire Manchester United soccer club, is reportedly restructuring his bid for the team to address the concerns of minority shareholders while the Qatari bid to buy the team is still being considered, according to reports.
Ratcliffe, chairman of petrochemicals company INEOS and one of Britain’s richest men, put forward a proposal earlier this year to acquire 69% of the shares in the Red Devils, which is owned by the American Glazer family. Citing anonymous sources, Bloomberg and The Guardian reported that Ratcliffe's offer did not benefit the remaining shareholders in the club, including Ariel Investments LCC, Eminence Capital and Lindsell Train. In response, Ratcliffe is said to be restructuring the offer.
Sheikh Jassim bin Hamad al-Thani, a Qatari banker and the son of a former Qatari prime minister, is the only other party to have publicly said that they are trying to buy the British soccer club. Sheikh Jassim and a consortium of Qatari investors have made several bids for the club, with his "final" offer being lodged in June of no more than £6 billion ($7.3 million). It would be one of the biggest deals ever for a sports team.
Sources told Bloomberg that both Sheikh Jassim’s and Ratcliffe’s offers are being considered by the Glazers. A minority stake sale is also being reviewed by the family, the outlet reported.