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Manchester United Football Club and Sir Jim Ratcliffe, the petrochemicals billionaire, aim to announce within days a £1.25bn deal that will see him take a 25% stake in the Red Devils.

Sky News understands that the two sides have pencilled in early next week to confirm the long-awaited transaction, which will involve Sir Jim’s Ineos Sports taking two boardroom seats at Old Trafford.

Sources said the timetable could yet slip again, but that an announcement early next week was now expected by both United and Ineos.

Neither Sir Jim nor Sir Dave Brailsford, the former cycling supremo who heads Ineos’s sporting operations, is expected to join the club’s public company board.

The $33-a-share deal, which Sky News revealed details of last month, will be structured as a tender offer to acquire 25% of the listed A-shares.

The Glazers will also sell 25% of their B-shares, which carry greater voting rights, to Sir Jim as part of the deal.

Sir Jim Ratcliffe plans to commit $300m (£245m) from his multibillion pound fortune to United’s ageing infrastructure as part of the transaction, with the bulk of that capital being handed to the club in the near term.

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However, United’s home is likely to need far more than £245m to deliver the overhaul that is required to turn it into one of the world’s elite football stadia once more.

 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 is seen on a visit to Old Trafford

It will be financed personally by the billionaire and will not add to Manchester United’s existing borrowings.

Sir Jim’s purchase of a 25% stake in the Red Devils will be confirmed more than a year after the Glazer family, which has controlled the club since 2005, began formally exploring a sale.

Adding together the cost of the stock purchase and the other capital for investment means that Sir Jim will be committing about £1.5bn on day one of his partial ownership of United.

The deal was reached in principle after months of negotiations with several potential buyers, including the Qatari businessman Sheikh Jassim bin Hamad al-Thani, who wanted to acquire full control of the club.

Reports have suggested that Ineos will take immediate control of the playing side of the club, where pressure is mounting on the men’s first team coach, Erik Ten Hag, amid a stuttering European campaign and the team’s latest Premier League defeat at the weekend.

Sir Jim is understood to be committed to investing additional sums in future, although it is unclear whether these will be publicly discussed at the time of the stake purchase.

Several other key questions remain about United’s future ownership, including whether Sir Jim will ultimately seek overall control of the club.

Some United fans have expressed disquiet at the prospect of Sir Jim buying a minority stake given that it paves the way for the Glazers’ continued presence at Old Trafford.

The family, who paid just under £800m to buy the club 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.

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Earlier iterations of Sir Jim’s offers for the club, which focused on gaining outright control, included put-and-call arrangements that would become exercisable three years after a takeover to enable him to buy out the remainder of the club’s shares.

The Monaco-based billionaire, who also owns the Ligue 1 side Nice, pitched a restructured deal in October in an attempt to unblock the ongoing impasse over United’s future.

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.

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.

The Glazers’ tenure has been dogged by controversy and protests, with the absence 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.

Fury at its proposed participation in the ill-fated European Super League project in 2021 crystallised supporters’ desire for new owners to replace the Glazers.

Confirming the launch of the strategic review last 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.

Ineos and Manchester United both declined to comment.

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Getir quits UK with multimillion pound Tottenham Hotspur debt

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Getir quits UK with multimillion pound Tottenham Hotspur debt

Getir, the grocery delivery app which this month confirmed plans to exit the UK, has an outstanding debt to Tottenham Hotspur Football Club running to millions of pounds.

Sky News understands that Turkey-based Getir, whose three-year training kit sponsorship deal with Spurs expired at the end of the Premier League season on Sunday, owes close to £5m to the club.

News of the outstanding debt comes as Getir tries to access a tranche of agreed funding from major investors Mubadala and G Squared to help facilitate its withdrawal from the UK, Germany and the Netherlands.

It was unclear this weekend whether the delivery app, which means “to bring” in Turkish, has the means to settle its financial obligations to Spurs.

The company once attained a valuation of almost £10bn, but has been forced by its deteriorating finances to retrench back to its home market, in the process axing thousands of jobs.

Its withdrawal from the UK has put about 1,500 jobs at risk, Sky News revealed earlier this month.

Companies such as Getir were big winners during the pandemic, attracting funding at astronomical valuations.

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Its decline highlights the slumping valuations of technology companies once-hailed as the new titans of food retailing.

Many of its rivals have already gone bust, while others have been swallowed up as part of a desperate wave of consolidation.

Getir itself bought Gorillas in a $1.2bn stock-based deal that closed in December 2022.

Getir and Tottenham Hotspur both declined to comment.

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Sir Jim Ratcliffe scolds Tories over handling of economy and immigration after Brexit

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Sir Jim Ratcliffe scolds Tories over handling of economy and immigration after Brexit

Billionaire Sir Jim Ratcliffe has told Sky News that Britain is ready for a change of government after scolding the Conservatives over their handling of the economy and immigration after Brexit.

While insisting his petrochemicals conglomerate INEOS is apolitical, Sir Jim backed Brexit and spent last weekend with Labour leader Sir Keir Starmer at Manchester United – the football club he now runs as minority owner.

“I’m sure Keir will do a very good job at running the country – I have no questions about that,” Sir Jim said in an exclusive interview.

“There’s no question that the Conservatives have had a good run,” he added. “I think most of the country probably feels it’s time for a change. And I sort of get that, really.”

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Sir Jim was a prominent backer of leaving the European Union in the 2016 referendum but now has issues with how Brexit was delivered by Tory prime ministers.

“Brexit sort of unfortunately didn’t turn out as people anticipated because… Brexit was largely about immigration,” Sir Jim said.

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“That was the biggest component of that vote. People were getting fed up with the influx of the city of Southampton coming in every year. I think last year it was two times Southampton.

“I mean, no small island like the UK could cope with vast numbers of people coming into the UK.

“I mean, it just overburdens the National Health Service, the traffic service, the police, everybody.

“The country was designed for 55 or 60 million people and we’ve got 70 million people and all the services break down as a consequence.

“That’s what Brexit was all about and nobody’s implemented that. They just keep talking about it. But nothing’s been done, which is why I think we’ll finish up with the change of government.”

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UK needs to get ‘sharper on the business front’

Prime Minister Rishi Sunak has indicated an election is due this year but Monaco-based Sir Jim is unimpressed by the Conservatives’ handling of the economy.

“The UK does need to get a bit sharper on the business front,” he said. “I think the biggest objective for the government is to create growth in the economy.

“There’s two parts of the economy, there’s the services side of the economy and there’s the manufacturing side. And the manufacturing, unfortunately, has been sliding away now for the last 25 years.

“We were very similar in scale to Germany probably 25 years ago.

“But today we’re just a fraction of where Germany is and I think that isn’t healthy for the British economy… particularly when you think the north of England is very manufacturing based, and that talks to things like energy competitiveness, it talks to things like, why do you put an immensely high tax on the North Sea?

“That just disincentivises people from finding hydrocarbons in the North Sea, in energy.

“And what we need is competitive energy. So I mean, in America, in the energy world, in the oil and gas world, they just apply a corporation tax to the oil and gas companies, which is about 30%. And in the UK we’ve got this tax of 75% because we want to kill off the oil and gas companies.

“But if we don’t have competitive energy, we’re not going to have a healthy manufacturing industry. And that just makes no sense to me at all. No.”

‘We’re apolitical’

Asked about INEOS donating to Labour, Sir Jim replied: “We’re apolitical, INEOS.

“We just want a successful manufacturing sector in the UK and we’ve talked to the government about that. It’s pretty clear about our views.”

Sir Jim was keener to talk about the economy and politics than his role at struggling Manchester United, which he bought a 27.7% stake in from the American Glazer family in February – giving him an even higher business profile.

Old Trafford stadium in Manchester. Pic: AP
Image:
Old Trafford stadium in Manchester. Pic: AP

Push for stadium of the North

He is continuing to push for public funds to regenerate Old Trafford and the surrounding areas despite no apparent political support being forthcoming. Sir Keir was hosted at the stadium for a Premier League match last weekend just as heavy rain exposed the fragility of the ageing venue.

“There’s a very good case, in my view, for having a stadium of the North, which would serve the northern part of the country in that arena of football,” Sir Jim said. “If you look at the number of Champions League the North West has won, it’s 10. London has won two.

“And yet everybody from the North has to get down to London to watch a big football match. And there should be one [a large stadium] in the North, in my view.

“But it’s also important for the southern side of Manchester, you know, to regenerate.

“It’s the sort of second capital of the country where the Industrial Revolution began.

“But if you have a regeneration project, you need a nucleus or a regeneration project and having that world-class stadium there, I think would provide the impetus to regenerate that region.”

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Marks & Spencer’s website and app go down

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Marks & Spencer's website and app go down

Marks & Spencer’s website and app has not been working for several hours, with a message telling shoppers “you can’t shop with us right now”.

“We’re working hard to be back online as soon as possible,” it adds.

All the menus and images have disappeared apart from one showing a model in a green jacket.

Customers trying to use the app got the message: “Sorry you can’t shop through the app right now. We’re busy making some planned changes, but will be back soon.”

The site is understood to have been down for several hours.

Replying to one customer on X, the retailer said: “We’re experiencing some technical issues but we are working on it.”

M&S is the latest high street name to have technical issues – last month some Sainsbury’s shoppers had problems with their online orders.

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The outage comes a few days before M&S is expected to reveal a big jump in annual profits.

It’s been a successful year for the brand, with strong sales across the business following a turnaround plan that has included store closures and cost cutting.

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