Billionaire Ratcliffe is restructuring his bid to buy Manchester United – report

British billionaire Jim Ratcliffe is reportedly reworking his bid to purchase Manchester United (NYSE:) in an effort to resolve the ongoing deadlock in the takeover process, Bloomberg News reported today.

Ratcliffe is collaborating with his advisors to address concerns raised by minority investors in the English Premier League football club regarding the terms of his offer.

Ratcliffe’s initial proposal sought to acquire 69% of the shares in Manchester United that are currently owned by the U.S.-based Glazer family.

“We have a good offer,” Ratcliffe, a lifelong Manchester United fan, said at a media event in July. “We still would very much like to do it, and I think we would do a good job if we did.”

However, this arrangement left limited benefits for holders of the club’s remaining stock, including investors such as Lindsell Train, Ariel Investments LLC, and Eminence Capital.

It was previously reported by Bloomberg that one of the top three shareholders in Manchester United had sent a letter to the club’s board, cautioning that independent directors could potentially face legal action if they recommended a bid that favored one group of shareholders over another.

Ratcliffe is in competition with a group of Qatari investors led by Sheikh Jassim bin Hamad al-Thani for the acquisition of Manchester United. This potential purchase is poised to become one of the largest deals ever involving a sports team.

It’s worth noting that the Glazer family announced nearly a year ago that they would undertake a strategic review of their ownership of the club.

Manchester United shares rose 2.5% on the news.