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Sir Jim Ratcliffe, the petrochemicals billionaire, is contemplating buying a minority stake in Manchester United Football Club rather than seeking full control, in an effort to end a nearly 10 months-long process to resolve the club’s future ownership.

Sky News has learnt Sir Jim’s Ineos Sports vehicle has proposed to the controlling Glazer family a deal that would see it acquiring chunks of both their shares and the stock publicly traded on the New York Stock Exchange (NYSE) in equal proportion.

That offer would entail making an offer at the same price for both sets of shares, with one suggestion on Monday evening being that Sir Jim could seek a roughly 25% stake in the club as part of his latest proposal.

It would need to be pitched at a valuation that the Glazers would accept, implying that Ineos Sports could spend in the region of £1.5bn if it was to acquire a quarter of United’s shares – based on earlier reports that they were seeking a minimum valuation of £6bn.

If such a deal was to be implemented, however, the Glazers would almost certainly remain in control at Old Trafford, having taken control of the club in 2005.

 Sir Jim Ratcliffe and Sheikh Jassim bin Hamad Al Thani of Qatar have both made second, improved bids for Manchester United, the PA news agency understands.
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Sir Jim Ratcliffe could seek a 25% stake in the club as part of his latest proposal

That would anger United supporters who have been vocal in their opposition to the family’s continued ownership, and would in turn raise a series of further questions about the club’s future.

On the pitch, the men’s team has had an indifferent start to the 2023-24 campaign, being beaten at home by Crystal Palace in the Premier League last weekend, and losing their first Champions League fixture of the season.

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One uncertainty on Monday evening related to the extent to which the Glazers and their advisers at Raine Group were engaged with Sir Jim on his minority stake proposal.

The family, who paid just under £800m in 2005, has remained inscrutable throughout the process and has said nothing of substance to the NYSE since the process of engaging with prospective buyers kicked off last November.

Another would be whether an offer to bring Sir Jim in as a major shareholder would raise any new capital to invest in the club, which is working towards a major renovation of Old Trafford.

The structure of an offer to acquire a minority stake is also unclear, with one analyst suggesting it could be undertaken through a process known as a tender offer.

Bloomberg News reported last week that Ineos was looking to restructure its bid without specifying details of how this would be achieved.

Some holders of the publicly traded stock – called A shares – have raised concerns about Sir Jim’s previous proposals, which focused on acquiring a majority stake in the club by buying shares from the six Glazer siblings who own the class of B shares which carry disproportionate voting rights.

Another uncertainty would centre on whether a minority deal, if agreed and implemented, would give Ineos Sports an eventual path to full control of Manchester United.

OLD TRAFFOD

Sky News revealed in May that its offer at the time included put-and-call arrangements that would become exercisable three years after a takeover to enable Sir Jim to acquire the remainder of the club’s shares.

The Monaco-based billionaire, who owns the Ligue 1 side Nice, had been focused on gaining control of Manchester United, meaning that switching his offer to a minority deal would represent a significant shift.

He is still understood to want to buy a majority stake but has pitched a restructured deal in an attempt to unblock the ongoing impasse over United’s future.

An Ineos spokesperson declined to comment on Monday, citing the terms of the non-disclosure agreement the bidders had signed as part of the process.

For months, Ineos has been pitched in a two-way battle for control of Manchester United against Sheikh Jassim bin Hamad al-Thani, a Qatari businessman who chairs the Gulf state’s Qatar Islamic Bank.

Sheikh Jassim’s bid is reported to remain on the table, and the convoluted nature of the strategic review initiated by the Glazers late last year means that a revised proposal from the Middle East cannot entirely be ruled out.

The club’s executive co-chairmen, Avram and Joel Glazer, have been reported during the course of the process to be more reluctant to sell than their siblings.

In addition to the competing bids from Sir Jim and Sheikh Jassim, the Glazers received several credible offers for minority stakes or financing to fund investment in the club.

Manchester United's Chairman Avie Glaze before the League Cup final soccer match between Manchester United and Newcastle United
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Avram Glazer is the club’s co-executive chairman

These include an offer from the giant American financial investor Carlyle; Elliott Management, the American hedge fund which until recently owned AC Milan; Ares Management Corporation, a US-based alternative investment group; and Sixth Street, which recently bought a 25% stake in the long-term La Liga broadcasting rights to FC Barcelona.

These were designed to provide capital to overhaul United’s ageing physical infrastructure.

Part of the Glazers’ justification for attaching such a huge valuation to the club resides in the possibility of it gaining greater control in future of its lucrative broadcast rights, alongside a belief that arguably the world’s most famous sports brand can be commercially exploited more effectively.

United’s New York-listed shares have gyrated wildly in recent months as reports have suggested that either a deal is close or that the Glazers were about to formally cancel the sale process.

On Monday, they were trading at around $19.43, giving the club a market valuation of $3.25bn.

Earlier this year, Manchester United’s largest fans’ group, the Manchester United Supporters Trust, called for the conclusion of the auction “without further delay”.

The Glazers’ tenure has been dogged by controversy and protests, with the lack of a Premier League title since Sir Alex Ferguson’s retirement as manager in 2013 fuelling fans’ anger at the debt-fuelled nature of their takeover.

Manchester United fans
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Manchester United fans want the Glazer family to sell the club

Fury at its participation in the ill-fated European Super League crystallised supporters’ desire for new owners to replace the Glazers.

Confirming the launch of the strategic review in November, Avram and Joel Glazer said: “The strength of Manchester United rests on the passion and loyalty of our global community of 1.1bn fans and followers.

“We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the club today and in the future.”

The Glazers listed a minority stake in the company in New York in 2012 but retained overwhelming control through a dual-class share structure which means they hold almost all voting rights.

“Love United, Hate Glazers” has become a familiar refrain during their tenure, with supporters critical of a perceived lack of investment in the club, even as the owners have reaped large dividends as a result of its continued profitability.

A Manchester United spokesman declined to comment on Monday.

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Customers of five water firms are facing higher than expected hikes to bills

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Customers of five water firms are facing higher than expected hikes to bills

Customers of five water firms are facing higher than expected rises to their inflation-busting bills after the companies disputed limits imposed by the industry regulator.

The Competition and Markets Authority (CMA) was called in to review Ofwat’s determinations on what Anglian Water, Northumbrian Water, South East Water, Southern Water, and Wessex Water could charge customers from 2025-30.

The CMA’s panel said on Thursday: “The group has provisionally decided to allow 21% – an additional £556m in revenue – of the total £2.7bn the five firms requested.

“This extra funding is expected to result in an average increase of 3% in bills for customers of the disputing companies, which is in addition to the 24% increase for customers of these companies expected as part of Ofwat’s original determination.”

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The decision showed that Wessex household and business customers faced the largest increase – on top of the rise agreed by Ofwat – of 5%, leaving their average annual bills at £622.

South East and Southern customers will see rises of 4% and 3% respectively while Anglian and Northumbrian’s are set to soak up the lowest percentage increase of just 1%.

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South East had sought the biggest increase – 18% on top of the 18% hike it had been granted over the five-year period.

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July: Water regulator Ofwat to be scrapped

The companies exercised their right to an appeal after Ofwat released its final determinations on what they could charge at the end of last year.

They essentially argued that they could not meet their regulatory requirements under the controls amid a rush to bolster crucial infrastructure including storm drains, water pipelines and storage capacity.

Crisis-hit Thames Water was initially among them but it later withdrew its objection pending the outcome of ongoing efforts to secure its financial future through a change of ownership.

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Higher bills ‘part of the cost’ of water reform

Chair of the CMA’s independent panel, Kirstin Baker, said: “We’ve found that water companies’ requests for significant bill increases, on top of those allowed by Ofwat, are largely unjustified.

“We understand the real pressure on household budgets and have worked to keep increases to a minimum, while still ensuring there is funding to deliver essential improvements at reasonable cost.”

Ofwat, which has faced industry criticism in the past for an emphasis on keeping bills low at the expense of investment, is set to be replaced by a new super regulator under plans confirmed in the summer.

It has faced outrage on many fronts, especially over sewage spills, and allowing rewards for failure.

Water Minister Emma Hardy said in response to the CMA’s decision: “I understand the public’s anger over bill rises – that’s why I expect every water company to offer proper support to anyone struggling to pay.

“We’ve made sure that investment cash goes into infrastructure upgrades, not bonuses, and we’re creating a tough new regulator to clean up our waterways and restore trust in the system.

“We are laser focused on helping ease the cost of living pressure on households: we’ve frozen fuel duty, raised the minimum wage and pensions and brought down mortgage rates – putting more money in people’s pockets.”

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Britain’s winter blackout risk the lowest in six years – but ‘tight’ days expected

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Britain's winter blackout risk the lowest in six years - but 'tight' days expected

Britain is at the lowest risk of a winter power blackout than at any point in the last six years, the national electricity grid operator has said.

Not since the pre-pandemic winter of 2019-2020 has the risk been so low, the National Energy System Operator (NESO) said.

It’s thanks to increased battery capacity to store and deploy excess power from windfarms, and a new subsea electricity cable to Ireland that came on stream in April.

The margins between expected demand and supply are now roughly three gas power stations greater than last year, the NESO said.

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Renewables overtake coal for first time

It also comes as Britain and the world reached new records for green power.

For the first time, renewable energy produced more of the world’s electricity than coal in the first half of 2025, while in Britain, a record 54.5% of power came from renewables like solar and wind energy in the three months to June.

More renewable power can mean lower bills, as there’s less reliance on volatile oil and gas markets, which have remained elevated after the invasion of Ukraine and the Western attempt to wean off Russian fossil fuels.

“Renewables are lowering wholesale electricity prices by up to a quarter”, said Jess Ralston, an energy analyst at the Energy and Climate Intelligence Unit (ECIU) thinktank.

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In a recent winter, British coal plants were fired up to meet capacity constraints when cold weather increased demand, but still weather conditions meant lower supply, as the wind didn’t blow.

Those plants have since been decommissioned.

But it may not be all plain sailing…

There will, however, be some “tight” days, the NESO said.

On such occasions, the NESO will tell electricity suppliers to up their output.

The times Britain is most likely to experience supply constraints are in early December or mid-January, the grid operator said.

The NESO had been owned by National Grid, a public company listed on the New York Stock Exchange, but was acquired by the government for £630m in 2023.

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Man Utd and chemicals boss warns of ‘moment of reckoning’ for his industry

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Man Utd and chemicals boss warns of 'moment of reckoning' for his industry

Sir Jim Ratcliffe, the co-owner of Manchester United and head of Ineos, one of Europe’s largest chemical producers, has staged an “11th-hour intervention” in an effort to “save” the chemical industry.

Sir Jim has called on European legislators to reduce price pressures on chemical businesses, or there “won’t be a chemical industry left to save”.

“There’s, in my view, not a great deal of time left before we see a catastrophic decline in the chemical industry in Europe”, he said.

The “biggest problem” facing businesses is gas and electricity costs, with the EU needing to be “more reactive” on tariffs to protect competition, Sir Jim added.

Prices should be eased on chemical companies by reducing taxes, regulatory burdens, and bringing back free polluting permits, the Ineos chairman and chief executive said.

It comes as his company, Europe’s biggest producer of some chemicals and one of the world’s largest chemical firms, announced the loss of 60 jobs at its acetyls factory in Hull earlier this week.

Cheap imports from China were said to be behind the closure, as international competition facing lower costs has hit the sector.

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Now is a “moment of reckoning” for Europe’s chemicals industry, which is “at a tipping point and can only be saved through urgent action”, Sir Jim said.

European chemical sector output declined significantly due to reduced price competitiveness from high energy and regulatory costs, according to research funded by Ineos and carried out by economic advisory firm Oxford Economics.

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The report said the continent’s policymakers face a “critical” decision between acting now to safeguard “this vital strategic industry or risk its irreversible decline”.

As many as 1.2 million people are directly employed by chemical businesses, with millions more supported in the supply chain and through staff spending wages, the Oxford Economics report read.

Average investment by European chemical firms was half that of US counterparts (1.5%, compared to 3%), a trend which is projected to continue, the report added.

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