British billionaire Sir Jim Ratcliffe is reportedly close to clinching a deal to become a minority stakeholder in Manchester United.
The BBC reports that Ratcliffe’s deal could be agreed during this month’s international break, when the Premier League takes a brief hiatus. The deal could be agreed as early as next week, according to the BBC, but will not happen on Monday, which is the date for the funeral of Manchester United legend Sir Bobby Charlton.
Shares of Manchester United Ltd.
MANU,
are down 0.3% Friday, compared with the S&P 500 index’s
SPX
gain of 0.5%. The stock ended Thursday’s session down 0.1%.
Related: Manchester United takeover: Sir Jim Ratcliffe considering minority stake offer, report says
Ratcliffe is the chief executive of the chemical giant Ineos, which is expected to pay around $1.52 billion for a 25% stake in Manchester United, the BBC reports.
Ineos declined to comment when contacted by MarketWatch. Manchester United has not yet responded to a request for comment on this story.
Ratcliffe was locked in a battle with Qatar’s Sheikh Jassim to wrest control of Manchester United from the American Glazer family. In September Bloomberg reported that Ratcliffe was restructuring his Manchester United bid in an attempt to break the months-long deadlock in the takeover battle.
Related: Manchester United’s stock rises amid report of revamped Jim Ratcliffe takeover bid
The Glazers took control of Manchester United in 2005. In November 2022, they confirmed they were exploring potential financial investment in — or an outright sale of — the Premier League club.
Manchester United was defeated 4-3 by Copenhagen in a Champions League group stage game on Wednesday, and faces Luton Town in the Premier League on Saturday. The club is currently eighth in the Premier League.
Shares of Manchester United have fallen 22.9% in 2023, compared with the S&P 500 index’s gain of 13.8%.
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