The Glazer siblings 'could retain shares in Man Utd as part of Ratcliffe's bid'

Sir Jim Ratcliffe's staggered takeover bid for Manchester United could see all six Glazer siblings retain shares in the club, according to reports.

The takeover process that has dragged on for the majority of the 2022-23 season continues to rumble on, with just two concrete bids being submitted for the club.

Ratcliffe and Sheikh Jassim Bin Hamad Al Thani were the two sole suitors to put in formal offers for what is widely considered one of football's most prestigious clubs.

And as Britain's richest man looks to negotiate the complicated family dynamics and the structure of shares in the club owned by the incumbent Glazers, his bid is set to see the unpopular owners retain stakes at Old Trafford, as per the Financial Times.

His proposed takeover - unlike that of Sheikh Jassim - is not for 100 per cent ownership of the club.

In this way, he would be able to spend less money up front, but still be able to invest in the club and obtain majority control.

The club is listed on the New York Stock Exchange, but thanks to a special class of B shares, the Glazers retain 95 per cent of the voting rights.

Ratcliffe travelled to New York for discussions with the Glazers, and is hoping to acquire enough B shares in order to take control of operations, with the publicly traded A shares holding little voting power.

The extended process of taking over the club has been attributed by many to the lack of cohesion among the siblings - with Joel and Avram joined by Darcie, Bryan, Edward and Kevin.

Sources suggested that the current co-Chairs would look to keep their own shares, while seeing their siblings part with their own, leading to a full exit.

But those close to the process have suggested that the Glazers are pursuing a deal that would allow them to sell down their stakes in proportion to their holdings.

This would see Ratcliffe gain greater control of the club, and buy the rest of the shares in the near future through derivatives contracts.

But there is a potential hitch in Ratcliffe's ploy, with all B shares automatically transferring to A shares once passed on by the Glazers to a new holder not affiliated to the current owner.

However, as revealed by two sources, this can be circumvented if the Glazers can vote through the decision to formally pass on the prerequisite B shares to Ratcliffe.

There is not thought to be any deal coming in the immediate future, although the ongoing rumblings have harmed the club's value on the stock market.

In mid-February, publicly traded shares peaked at $27, but have since fallen to $18.63, leaving the club's equity valued at around $3billion (£2.4bn).

Ratcliffe's Ineos group are still however flexible on the structure of the deal in order to increase their chances of taking over the club, in a bid set to reach around £5bn including the club's debts.