In a significant development from Old Trafford, a consortium from the United Arab Emirates has reportedly had their formal takeover proposal for Manchester United rebuffed within the past 24 hours. Recent years have been tumultuous for the Premier League club, with INEOS chief Sir Jim Ratcliffe seizing control of football operations amidst rising tensions.
At the beginning of 2024, Ratcliffe managed to outmanoeuvre Qatari businessman Sheikh Jassim, acquiring a 27.7% minority stake in Manchester United for approximately £1.25 billion. His ambitions seemingly extend towards a full acquisition, having increased his holding to around 29% since. Despite this, the Glazer family retains a majority share, albeit observing from the sidelines as Ratcliffe manages daily affairs.
The transition has not been entirely smooth for Ratcliffe, whose popularity has nosedived following a series of controversial cost-cutting measures, including staff redundancies, reduced payments to club legends, and increased ticket prices. Furthermore, Ratcliffe has set his sights on constructing a new stadium for the club. However, recent reports suggest that he could be ousted if the Glazers opt to sell to a more lucrative bidder. Interest has been noted from a UAE consortium, who have reportedly reached out to Manchester United legends to involve them in their takeover bid.
Respected sources on social media platform X, backed by five elite reporters, recently tweeted an update: “According to our sources: A consortium based in the United Arab Emirates has had their initial talks rejected by @ManUtd. A formal approach was made in the last 24 hours. They believe talks can be restarted. David Beckham could be very key to getting discussions underway. UAE are serious.”
Football finance expert Kieran Maguire touched on the matter earlier this week, labelling the takeover speculations as a “false flag.” He remarked, “If the Glazers wished to sell at $32 per share, they would have done so. The lack of any transaction is telling. Although the share price has risen, it hovers around $16-$17, with a speculative element included. Comments from Turki Al-Sheikh are intriguing, yet the club has firmly denied any dealings. Being listed on the New York Stock Exchange necessitates caution in public statements, and it makes one question the motives of those involved.”