Manchester United’s stock experienced a significant rise of 4.4% on Wednesday, following reports of British billionaire Sir Jim Ratcliffe’s intention to rework his takeover bid for the renowned English soccer club.
Currently, shares of Manchester United Ltd., the club’s operator, are poised to achieve a four-day winning streak, marking their longest run since a series of five consecutive victories that concluded on June 15. Furthermore, the stock is on track to register its largest single-day percentage gain since August 23, when it closed the session with a notable 7.3% increase.
According to Bloomberg, it was disclosed on Tuesday that Ratcliffe, who serves as the chief executive of chemical industry titan Ineos, is in the process of restructuring his bid for Manchester United. This move aims to overcome the protracted deadlock in the ongoing battle for takeover. In collaboration with his advisors, Ratcliffe is actively addressing concerns raised by minority investors surrounding the terms of his bid, as reported by Bloomberg’s sources familiar with the matter.
Related: Manchester United’s Stock Surge Amid Reports of Revamped Takeover Bid by Jim Ratcliffe
It is important to note that Sheikh Jassim, chairman of Qatar Islamic Bank and son of a former Qatari prime minister, has also submitted a rival bid for Manchester United. The Manchester Evening News highlights that both Ratcliffe’s and Sheikh Jassim’s current rival bids exceed an estimated value of $6.1 billion.
As of now, Ineos has not responded to any requests for comment regarding this story.
The Glazer Family’s Ownership of Manchester United
The American Glazer family assumed control of Manchester United back in 2005. In recent months, they have announced their exploration of potential financial investment in the Premier League club, as well as the possibility of an outright sale.
Fan Frustration and Backlash
While Manchester United continues to be an iconic name in the world of football, there has been growing frustration among fans due to what they perceive as underperformance. The club’s last Premier League victory was in 2013, and in 2021, the Glazers faced significant backlash for their involvement in the controversial European Super League.
Given the mounting pressure from fans, there is a strong desire within the club’s supporter base to see a resolution to the ownership issue. Manchester United, currently ranking ninth in the Premier League, recently secured a 1-0 victory against Burnley. However, they faced a setback in their Champions League campaign with a 4-3 defeat at the hands of German champions Bayern Munich.
Progress in Domestic Competitions
Notwithstanding their Champions League disappointment, Manchester United made strides in the EFL Cup by defeating Crystal Palace 3-0 in the third round.
It remains to be seen how the Glazer family will respond to fan discontent and whether they will make any significant changes to ensure Manchester United’s future success.