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Richard Keys has criticised Sir Jim Ratcliffe for the delays to his proposed investment in Manchester United.
Ratcliffe’s deal for a 25 per cent stake in United may not be completed in time for the opening of the January transfer window.
Insiders have warned that a final agreement could take weeks and beIN Sports presenter Keys raised questions regarding whether the deal will actually happen.
In addition, Keys cited an article from the Mail on Sunday, in which it was revealed that Ratcliffe is using loans from Goldman Sachs and JP Morgan to fund his deal.
Richard Keys criticised Sir Jim Ratcliffe over delays to his investment in Manchester United
Keys criticised Ratcliffe for using loans from Goldman Sachs and JP Morgan to fund his deal
Keys wrote on his blog: ‘What’s the reason for the takeover delay Sunny Jim? What a mess. Are we convinced that Ratcliffe’s bid for Utd will ever actually happen? Does he really think that Utd fans will tolerate the Glazers staying firmly in control of the club despite his potential investment?
‘And I read that he’s actually borrowing money to make it happen – using loans from Goldman Sachs and JP Morgan according to Nick Harris in The Mail on Sunday. Incredible. Absolutely incredible.’
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Sheikh Jassim and his group had offered to clear the debts and pay cash for 100 per cent of the club, but their offer fell short of the Glazers’ £6bn asking price.
After a prolonged impasse, Ratfcliffe submitted an adjusted offer, believed to be in the region of £1.4bn, for a 25 per cent stake in the club in the first step in what is being viewed as a staged buyout.
Keys is sceptical over whether Ratcliffe’s proposed investment in United will actually happen
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.
As part of the proposal, Ratcliffe’s group will take control of the football side at Old Trafford with a mission to reverse a decade-long decline on the pitch.
And a number of executives could be shown the door at Old Trafford, with Ratcliffe expected to appoint his own staff.
