Britain’s Richest Man Insists Ineos Bid is Still in the Running for Manchester United
Sir Jim Ratcliffe, Britain’s richest man, has insisted that the Ineos bid is still in the running to buy Manchester United despite growing suggestions that the Qatari bid is now favoured by the Glazer family. The takeover has been dragging on for seven months and is now a straight shootout between Ratcliffe and Sheikh Jassim Bin Hamad Al Thani, with the latter tabling a fifth – and supposedly final – bid on June 7.
Sir Jim Ratcliffe has provided an update on the ongoing process (Picture: Reuters)
The takeover process has been ongoing since November 2020 and is now a straight shootout between Ratcliffe and Sheikh Jassim Bin Hamad Al Thani. The Qatari bid is thought to be worth around £6billion and is for a full buyout, whereas the Ineos bid would see Ratcliffe buy a majority stake. This proposal is thought to appeal to two of the Glazer siblings, Avram and Joel, who are keen to retain their shares.
At a book launch this week, Sir Jim provided an update on the ongoing process: ‘We obviously can’t say too much because we’ve signed an NDA and we respect that but there’s still a process and we’re in the process. We have a good offer – we’ve met the Glazers a couple of times and we had a good conversation but at the end of the day it’s their decision… we would still very much like to do it.’
When asked why he is so keen to buy the football club, Ratcliffe continued: ‘They ain’t making them any more. Manchester United and these type of clubs, it’s like art or areas like that. When you have special things and their value continues to pick up over time because they are very special and rare. I don’t like throwing money away or losing money. It doesn’t make me happy at all. But we aren’t there to make money out of it. If it’s a really good asset it will increase it’s value over time.’
Sir Jim also briefly touched on the fact that the rival Qatari bid would not have a blank cheque book should they win, adding: ‘You can only spend the money that you receive. Obviously that wasn’t always the case, for example with PSG and Manchester City.’
The Ineos delegation visited Old Trafford for talks all the way back in March (Picture: Reuters)
The Ineos delegation visited Old Trafford for talks all the way back in March and have been keen to push through their bid ever since. However, with the summer transfer window now in full swing, the lack of clarity over the sale has become an increasing concern for supporters.
It remains to be seen whether Ratcliffe will be successful in his bid to buy Manchester United, but one thing is for certain – he isn’t giving up without a fight!
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