Man Utd fans face nervous wait of at least a MONTH to learn if Sir Jim Ratcliffe's 25% takeover has been successful | The Sun
MANCHESTER United fans may have to wait until next month at LEAST before finding out if Sir Jim Ratcliffe will be taking a stake in the club.
The 70-year-old's bid was initially expected to be given the green light in a Red Devils board meeting this week.
It had been thought that the £1.4bn offer for 25 per cent of United from Britain’s richest man and his Ineos petrochemicals giant could be approved as early as today.
But while a scheduled board meeting WILL take place as planned and the potential share sale is almost certain to be discussed, there will be no decision from the Glazers and other directors.
Although a late change of heart is possible, it is understood that the final details on any agreement are still being thrashed out by lawyers and are unlikely to be completed in time.
Ratcliffe is understood to be wanting “sporting control” of the club despite only taking a minority stake.
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The Brit is the sole remaining bidder after Qatari Sheikh Jassim walked away from the table last week, accusing the Glazers of an “outlandish” £6bn valuation.
That would allow him to push ahead with immediate moves including the long-term future of Old Trafford.
But there are a number of potential sticking points in terms of board representation and demarcation lines.
This is between the Ineos areas of authority and those still under the remit of the current hierarchy.
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They will need further detailed discussions and negotiation before a formal proposition is put to the board.
Changes to board members must then be confirmed via the New York Stock Exchange, where the club is listed.
Since the start of last month, United’s “market capitalisation” – the value of the club’s shares – has fallen by around £750m.
Ratcliffe is hoping to have attained control ahead of the January transfer window.
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