The saga of Sir Jim Ratcliffe’s Manchester United stake continues amid reports that the British billionaire’s deal for a 25% stake may not happen this week, despite recent talk that an agreement was imminent.
Reports last week suggested that Ratcliffe’s $1.57 billion investment in the club could be confirmed this week, even coming as soon as Monday.
But freelance sports journalist Peter Hall tweeted Monday that the deal is facing delays.
Related: Sir Jim Ratcliffe set to clinch Manchester United minority stake next week, reports say
“Now unlikely to be this week, and while next week is a possibility, understand any announcement could now be delayed until January,” he wrote on X, formerly known as Twitter.
Shares of operator Manchester United Ltd.
MANU,
fell 1.2% Monday, while the S&P 500 index
SPX
rose 0.2%. The stock is down 17.4% in 2023, compared with the S&P 500 index’s 19.9% gain.
Ratcliffe is the chief executive of the chemical giant Ineos. Last week The Athletic reported that confirmation of Ratcliffe’s 25 percent stake in the club is expected before Christmas. Sir Dave Brailsford, director of sport at Ineos, and Jean-Claude Blanc, CEO of Ineos Sport, met Manchester United executives at the club’s Old Trafford stadium last week, according to The Athletic. Brailsford, a celebrated cycling coach and performance director, and Blanc, a former executive at Paris Saint Germain and Juventus, are expected to play an important role in United’s football operations once Ratcliffe’s stake is approved, the report said.
Related: Manchester United shares climb, with Jim Ratcliffe on brink of clinching minority stake
Regarding the completion of Ratcliffe’s minority stake, The Athletic also highlighted the “complexity” of the deal. Manchester United, The Athletic explained, is based in the U.K., registered in the Cayman Islands, and its shares are traded on the New York Stock Exchange, while the club is majority-owned by six siblings from the American Glazer family.
The Manchester Evening News reports that Ratcliffe “remains in limbo” while he awaits ratification of the deal. “It is still widely expected Ratcliffe will arrive at United before the end of the year,” the Manchester Evening News wrote Sunday.
Ineos declined to comment on this story. Manchester United has not yet responded to a request for comment.
Related: Manchester United CEO Richard Arnold steps down, as Jim Ratcliffe closes in on minority stake
Ratcliffe had been locked in a takeover battle with Qatar’s Sheikh Jassim to wrest control of Manchester United from the Glazers, who have owned the club since 2005. In September, Bloomberg reported that Ratcliffe was restructuring his bid in an attempt to break the deadlock in the takeover battle.
In November 2022, the Glazers confirmed they were exploring options for their investment or an outright sale of the Premier League club.
Last month Manchester United announced that Chief Executive Richard Arnold is stepping down, with General Counsel Patrick Stewart stepping in as interim chief executive. A search process will be carried out for a new permanent CEO, Manchester United said.
Related: Hedge-fund billionaire Leon Cooperman takes Manchester United stake
On Saturday Manchester United was defeated 3-0 by Bournemouth and is currently sixth in the Premier League. The club’s next game is on Tuesday against Bayern Munich in the Champions League.
