Sir Jim Ratcliffe has agreed a deal to buy a 25% share of Manchester United after Sheikh Jassim bin Hamad Al Thani withdrew from the takeover race.
Sheikh Jassim had been pursuing a 100% takeover of the club, offering to pay around £5bn to take control of United as well as signalling a willingness to pay off debts of £1bn.
The Glazers, however, value the club significantly higher, perhaps up to £10bn, and sources have confirmed that Sheikh Jassim withdrew from the process after declining to increase his latest offer.
Instead, a deal has been agreed with Ratcliffe, who is set to secure a 25% share of the club.
Ratcliffe hopes to secure a full takeover of the club in the future but is prepared to begin with a minority stake that will allow the Glazers to remain at Old Trafford for now.
The Glazers had been reluctant to sell United for below their asking price and there had long been uncertainty over whether any deal would be agreed as negotiations approached close to a year in duration.
But Ratcliffe, whose offer for United actually valued the club higher than Sheikh Jassim’s bid, has agreed to take a slower approach to a full takeover and has managed to satisfy the Glazers.
Ratcliffe, a United fan, wants to secure the option to buy further shares in the club in future before finalising his purchase
