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Jim Ratcliffe, the chief executive of the chemical giant Ineos, is reworking his takeover bid for iconic English soccer club Manchester United, according to Bloomberg.
The British billionaire is working with his advisers to address concerns about the terms of his bid from minority investors in Manchester United, Bloomberg reports, citing people with knowledge of the matter.
Shares of operator Manchester United Ltd.
MANU,
rose 0.6% Tuesday after ending Monday’s session up 4.2%.
Related: Manchester United’s stock suffers record selloff after report that sale of club is off
The takeover battle for the club has been deadlocked for months. Sheikh Jassim bin Hamad al-Thani, the chair of Qatar Islamic Bank and the son of a past prime minister of Qatar, has also made a bid for Manchester United. The Manchester Evening News reports that Ratcliffe’s and Sheik Jassim’s current rival bids are worth over $6.1 billion.
Ineos has not yet responded to a request for comment from MarketWatch.
The U.S. Glazer family took control of Manchester United in 2005. In November, they confirmed they were exploring potential financial investment in, or an outright sale of, the Premier League club.
Related: Manchester United extends Adidas deal in pact worth $1.2 billion
The Glazers have come under intense pressure to sell Manchester United amid fan frustration over what is seen as underperformance. The club, one of the biggest names in world soccer, last won the Premier League in 2013. In 2021, the Glazers faced major backlash from fans over the team’s planned involvement in the controversial European Super League. The club’s fans are keen to see the takeover issue resolved.
Manchester United, which defeated Burnley 1-0 on Saturday, is currently in ninth place in the Premier League. Last week the club kicked off its Champions League campaign with a 4-3 defeat of German champions Bayern Munich.
The club faces Crystal Palace in the EFL Cup later today.
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