Erik ten Hag insists he is still proving himself at Manchester United after playing down concerns about his own contract situation at Old Trafford.
17.01.2024 - 13:43 / manchestereveningnews.co.uk
Sir Jim Ratcliffe won the battle for control at Manchester United after 10 parties submitted initial offers or indications of interest to Raine for a stake or ownership of the club.
The US bank were contacted by more than 170 parties interested in the club between November 2022 and the start of 2023, before the process was streamlined in the first two weeks of February, at which point Ratcliffe's talks with the bank tasked with overring the strategic review intensified.
In new filings to the New York Stock Exchange, after Ratcliffe agreed to take a 25% stake in the club, it has been revealed that the first round of bids saw seven expressions of interest for taking a minority investment in United, while Ratcliffe's first proposal was to take a controlling stake by purchasing Class B shares, rather than the Class A shares the Glazer's wished to sell.
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After months of talks, a deal was eventually agreed for Ratcliffe to purchase Class A and Class B shares and the documents revealed he will own 27.69% of United, which comes with a voting interest of 28.71%.
The documents also reveal why the board recommended this deal and say that the $300million Ratcliffe is investing in the club "represents an attractive method of financing." They also felt that the investment "raised critical capital for Manchester United while minimizing the amount of dilution to holders of Class A shares."
The filings also state that the "$300 million primary investment into Manchester United drives Manchester United’s attendant ability to accelerate its growth plans through the deployment of such capital, including potential stadium redevelopment."
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