Ratcliffe United investment faces yet more delays

SIR JIM RATCLIFFE’S proposed investment into Manchester United is set to face delays due to complications over how he might increase his share in the club beyond an initial 25 per cent holding, if he agrees to fund stadium improvements.

It is already near certain that no deal for a 25 per cent stake will be concluded in time for the January transfer window. And there remains some doubt even around which shares Ratcliffe might initially purchase.

One possibility is that Ratcliffe will buy a quarter of the Glazer family’s ‘B’ shares, which come with increase voting rights; the Glazers collectively own 69 per cent of United for now, so a quarter of those shares would be 17.25 per cent of United.

Ratcliffe might then buy a quarter of the other 31 per cent of the remaining ‘A shares’, or 7.75 per cent of United, to give him 25 per cent of United in total. However, that arrangement would be revised, sources say, if Ratcliffe invests further money into the club for stadium improvements.

Ratcliffe is reportedly ready to accelerate plans to boost Old Trafford’s capacity from 76,000 to 90,000. But he will only invest if he is given guarantees his share will increase if the Glazers do not match his spend. Talks are continuing.

Old Trafford needs investment to bring it in line with other Premier League stadiums, including Anfield, the Etihad and the Tottenham Hotspur Stadium.

The stadium is suffering with leaky roofs and outdated facilities. Fan concerns have been raised due to the fact that Ratcliffe is using loans from two banks — Goldman Sachs and JPMorgan — to fund his United deal.

Sources close to the funding have revealed the deal is far from complete and that Ratcliffe’s loans will come with interest rates of six per cent — prompting fears the debts may fall on the club.

The Glazers have long been despised by many United fans for taking over the club in the first place with leveraged debt.

Ratcliffe is proposing a new United football committee of himself, Joel Glazer and Sir Dave Brailsford if his deal is agreed.