Sir Jim Ratcliffe is restructuring his bid for Manchester United to address concerns of minority shareholders and hopes to have his offer accepted in a potential sale process begun by the Glazers last November.
Ratcliffe, one of Britain’s richest people, has made an offer to become the majority shareholder in United by purchasing shares owned by the six American siblings. It is understood this was unattractive to the shareholders who own the remainder of the club, who include Lindsell Train, Ariel Investments LLC and Eminence Capital.
Ratcliffe’s restructured bid, first reported by Bloomberg, comes five months after he made what was referred to as his final offer. Sheikh Jassim bin Hamad al-Thani is the only other publicly declared prospective purchaser of United.
Sheikh Jassim, a Qatari banker, has made a series of bids for the club that culminated in the lodging of a fifth and final offer in June of no more than £6bn.
The length of the process is causing doubt regarding the Glazers’ intent to sell. Although Ratcliffe and his advisers remain confident the family do want a deal, Sheikh Jassim’s camp are less sure.
On 22 November last year the Glazers said they were “commencing a process to explore strategic alternatives” for the club in a move that signalled their controversial and unpopular proprietorship, started by their father, Malcolm, in 2005, could end.