- Ratcliffe set to buy 25% stake in Man Utd
- Has offered £1.3bn to Glazers
- Deal will not be completed quickly
WHAT HAPPENED? Ratcliffe is optimistic that his bid to takeover 25 per cent of United for a reported £1.3 billion will be officially sealed in “weeks rather than months," according toiNews.
However, a source close to Ratcliffe has also warned there is still plenty of work to do before the deal is completed.
“If it is 99 per cent done that is no use to anyone,” the source said. “There is still some way to go. Think of it like buying a house. The gap between agreeing a price and getting the keys is always so much longer than you think.”
The British billionaire remains aware that he might not be able to bring in sweeping changes to the club until the beginning of the next season. Although the United board will convene on Thursday to discuss the potential takeover, they will not lend their final ratification on the deal.
THE BIGGER PICTURE: Things remain complicated despite the agreement between the two parties on the valuation as United is publicly listed on the New York Stock Exchange. However, Ratcliffe is in constant touch with the Glazers so that he can assume control over footballing operations as quickly as possible.
Once that process is completed, Ratcliffe must also successfully pass the Premier League’s fit-and-proper person test to gain formal control over the club which could well lead the takeover process to 2024.
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GettyWHAT NEXT? Ratcliffe is already planning for next season and has been tipped to sign former Tottenham head of recruitment Paul Mitchell as director of football if things continue to go south under Erik ten Hag. The Red Devils will hope to turn around their fortunes after the international break with a Premier League encounter against Sheffield United next up.