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Tuesday, May 30, 2023

Sir Jim Ratcliffe Confirms Interest In Buying Manchester United

Sir Jim Ratcliffe Confirms Interest In Buying Manchester United – Sir Jim Ratcliffe, one of the richest people in Britain, has stated that his company is in the running to purchase Manchester United from the Glazer family. When the Glazers originally suggested in November that they would be willing to sell, the 70-year-old billionaire, who was born in Failsworth, Greater Manchester, was hesitant about his desires to acquire his boyhood club.

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Nonetheless, Ratcliffe’s company Ineos announced on Tuesday that it has registered its interest with the merchant bank handling the sale on behalf of the Glazer family, making it the first potential bidder to go public. The Times was informed by a spokesman for Ineos, a petrochemicals and fracking business, that the company has formally entered the process. The formal bidding process for United is anticipated to begin next month, with interest from the United States, the Middle East, and Asia.

At this stage, parties must agree to review secret financial documents and conduct due diligence prior to a potential takeover. Ratcliffe, whose sporting portfolio includes the Ineos Grenadiers cycling team, a third of the Mercedes F1 team, and Nice football club, stated in October that he desired to increase his football “assets.” However, he did not expect the Glazers to sell at that time. “I’m a lifelong Manchester United fan,” he said at the time.

“And I was there in that most remarkable match in 1999 in Barcelona, which is deeply etched in my mind. But we can’t sit around hoping that one day Manchester United will become available.” The price tag is not expected to be cheap, with the Glazers looking for about £5bn, but Ratcliffe has the money with Forbes estimating his wealth at $15.5bn – making him the world’s 111th-richest person. The news was greeted with cautious optimism by the Manchester United Supporters Trust, which reiterated its call for fans to be integral under any new ownership model.


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