Manchester United’s Premier League rivals Tottenham are being linked with a majority takeover deal after a boardroom reshuffle.
It has been over 18 months since the change of ownership at Manchester United when Sir Jim Ratcliffe completed a £1.25bn takeover to purchase a minority stake in the club.
Ratcliffe now owns around 29% of United but, importantly, has complete sporting control with the Glazer family happy to take a back seat.
During the takeover saga, Sir Jim Ratcliffe went head-to-head with Qatar’s Sheikh Jassim and came out on top. Jassim was linked with a Tottenham takeover before and after his interest in United.
Spurs recently announced the departure of long-term chairman Daniel Levy, which has sparked rumours of a potential takeover on the horizon.
Tottenham’s £4bn takeover valuation suits Sir Jim Ratcliffe
Tottenham have confirmed interest in a takeover, but current owners ENIC have also claimed that the club is definitely not for sale.
However, the Daily Mail report that interested parties value Tottenham around £4 billion with a takeover not entirely ruled out.
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In comparison, Ratcliffe’s bid for United valued the Red Devils at around £5 billion. Jassim submitted a £5bn proposal during the takeover saga, but ultimately it was Ratcliffe’s offer that was preferred by the Glazers.
As reported by The Athletic, it has been strongly suggested that Ratcliffe eventually wants full control at United by continuing to buy shares from the Glazer family.
Ratcliffe has a ‘right of first offer’ on any shares the Glazers try to sell, which puts him in a good position to continue building his ownership stake at Old Trafford.
If he had any concerns about any other bidders coming in, or the Glazers raising the price, the Tottenham valuation suggests that he is already paying a premium rate for shares in United.
Sir Jim Ratcliffe can continue building Man United stake
Ratcliffe’s infrastructure investment at United has already boosted his ownership to around 29%, and it doesn’t look as though he will stop there.
The price of purchased shares so far value United at around £5bn, and the Glazers must be pleased with that price when compared to Tottenham.
Tottenham have a new £1.2bn state-of-the-art stadium capable of bringing in hundreds of millions in revenue, a London location and revenue streams from European football.
United in Focus recently spoke to Kinnaird Sports Intelligence and their model valued United at just £1.75bn which suggests Ratcliffe is massively overpaying.
Ultimately, the Glazers should be delighted if Ratcliffe continues to buy up their shares at the current price. That is a win-win for all involved.