This would have been done had he not restructured his bided and agreed to keep the Glazers in the mix in sone kind of Frankenstein format.
Reality of a proposed summary of this hypothetical bid of £1.5bn, that’s for 25% of their 69% shares which they want £6 billion which would theoretically be more than what SJ has offered for 25%. In his 100% bid!
The Glazers own 113 million class B shares So INEOS would own 28.25 million of these class B shares and pay £1.5 billion, potentially having an agreement with the remaining Glazers that he would take full control by 2025/26 season and some of that money paid for this share allocation as existing class B status would mean that the Glazers have to settle a proportion of the debt say £200-250m so the six siblings potentially get £250m each now with the potential for much more in 2-3 years.
It also means that the other £1.3 billion that INEOS had lined up is available to buy out the major Class A Shares like Ariel investment, Lindsell Train, Senvest Management, Matathon Asset Management, Massachusetts Financial services. These Hedge funds own approximately 75% of the 50 million class A Shares,
Let’s assume this is 37 million shares and INEOS offer the same rumoured of $38 per share that SJ/92 Foundation were proposing that’s a total of $1.406 billion or £1.16 billion and this would prevent them from taking legal action against INEOS and the Goblins.
The remaining A class share holders would not be able to do anything and the club shares format and owner structure would now look like this;
The Glazers Class B Shares - 44%
INEOS - Class B Shares 25%
Public Minority Class A shares - 2 9%
The Glazers Class A Shares 5.6%
INEOS - Class A shares - 22.5%
This would not give Jimmy Brexit any authority or power, just a positional chip to pounce later on and a position on the board, he may even want the chairmen of the board title however, which might be part of the agreement, the Glazers could block any of his decisions if they wanted too but probably wouldn’t as they want the rest of their money in 2-3 years.
It’s either a desperate move by someone who knows they are losing or he’s been completely in bed with the Glazers and is rightly considers the 7th Glazer and has been all along!
Only time will tell ?