Sir Jim Ratcliffe will pay £1.3bn for 25 per cent of Manchester United after Qatari businessman Sheikh Jassim bin Hamad al Thani withdrew from the bidding process.
Sheikh Jassim’s offer, which valued United at more than £5bn, was believed to be the only bid for 100 per cent of the club.
But it is understood that the Qatari’s valuation was not sufficient for the Glazers, who have owned United since 2005 – so Sheikh Jassim has withdrawn from the process.
The other proposal is to buy around 25 per cent of the club by Ratcliffe, who has said he has been a fan of the club since childhood, with the deal needing to be agreed at a United board meeting this week.
Ratcliffe and his company INEOS are expected to run Manchester United’s football operations as part of the deal to purchase 25 per cent, which could be the first step in a phased takeover.
The petrochemicals billionaire initially wanted to buy all of the Glazers’ 67 per cent shareholding.