Sir Jim Ratcliffe’s Ineos bid for a majority stake in Manchester United includes a demand for immediate control of transfers from the moment a potential deal is agreed in the coming weeks, Telegraph Sport understands.
Requests for complete control of the club prior to sale completion are unlikely to be accepted by the Glazers, but both leading bidders are understood to stipulate that they want influence as soon as their offers get the green light.
While Ratcliffe is focused on immediate player dealings, Sheikh Jassim bin Hamad Al Thani, leading the rival Qatari bid, wants even wider oversight of club affairs if his offer for a full buy-out for United is accepted.
Under that request, the current Glazer family ownership would be running any potential financial commitment past the Qatari banking executive as soon as a deal got the green light.
One key figure was dismissive about whether the requests have merit. Requests for full control of club dealings could be a legal and theoretical impossibility prior to a deal being closed, the source added. However, the requests could be raised during wider commercial negotiations with the Glazers. Such demands are not uncommon in major acquisitions when there is expected to be a significant period between agreeing the outline of a deal and the formal closing of all terms when legal control of the entity transfers to the new owner. Corporate specialists added that buyers can ask for some approval rights to ensure a company’s accounts are not drained before completion.
The stipulations included in the latest round of United bids suggest that both bidders are planning for the possibility of the process potentially lasting beyond the end of the season and into the summer transfer window that opens on June 10.
In the case of Ineos, one option being proposed is to keep some of the Glazer siblings on, most likely Joel and Avram, as minority shareholders. Nevertheless, the terms of the agreement would make it clear that Ratcliffe, who also owns Ligue 1 Nice and another club in Switzerland, would seek to be in charge of recruitment. It is that core aspect of building a successful club that any new owner would see as fundamental to future success.
Every summer window is important but this one looks poised yet again to be another key moment in the development of the club. Erik ten Hag has made it clear that he needs a No. 9, and would not rule out the prospect of moving for Harry Kane in what would surely be a club record deal – even with a year left on the England captain’s current deal.
The club must also move on players to earn fees that will reduce their profit and sustainability – financial fair play – calculation under Premier League and Uefa rules. Harry Maguire, Victor Lindelof, Antony Martial, Aaron Wan-Bissaka, Fred and Donny van de Beek are all potential departures. Eric Bailly and Alex Telles have been on loan this season and are also likely to leave. United announced losses in September of £115.5 million for last season.
Currently, United’s recruitment staff has no alternative but to plan for the summer. Yet any new owner will come with clear ideas about who they want to pursue and at what cost. A debt-free ownership, of the type that Sheikh Jassim is proposing through his Nine Two Foundation, would still be limited by the restrictions on owner spending. However, the club would benefit from no longer having to serve the Glazers’ interest payments and dividend pay-outs which currently total around £45 million annually.
On Friday, after the submission of third and final bids, it emerged that only Ratcliffe’s had valued United, of which the Glazers siblings own 69 percent, above £5 billion. It had been anticipated that Sheikh Jassim would be the most likely winner although the picture is still unclear.
As well as the two key contenders a number of US-based investment funds, including Elliott Management, The Carlyle Group, Ares Management and Sixth Street Partners, have registered an interest in acquiring a minority stake in the club or providing financing.