British billionaire Jim Ratcliffe makes official bid to buy Manchester United
First Published: 19th January, 2023 8:13 IST
Ratcliffe has experience with significant sporting investments. He also owns the Ligue 1 team Nice, the cycling team INEOS Grenadiers, and the Swiss Super League team FC Lausanne-Sport.
The official purchase bid for English Premier League giants Manchester United has been made by INEOS, a business owned by British billionaire Jim Ratcliffe.
One of Britain’s richest individuals, Ratcliffe, wants to finish the purchase of the Premier League heavyweights, as per ESPN.
With an estimated net worth of £9.8 billion, Ratcliffe is one of Britain’s wealthiest people. He has articulated an interest in acquiring the club from the Glazer family, who disclosed in November that they are considering “strategic alternatives” such as outside investment or a sale.
Ratcliffe’s chemical company, INEOS, declared that it had formally taken its interest to the Glazers.
A spokesman told ESPN on Tuesday, “I can confirm that we have formally put ourselves into the process.”
The fact that Ratcliffe would be interested in purchasing United has never been a secret. He reportedly continues to be a fan after supporting them as a young man.
When Chelsea’s ownership became available following the commencement of the ongoing Russia-Ukraine conflict, the 70-year-old billionaire was one of the interested parties.
His bid of £4.25bn, was rejected under the sale process ordered by the Government when Roman Abramovich, the former owner of Chelsea was sanctioned for his ties to Vladimir Putin.
Ratcliffe has experience with significant sporting investments. He also owns the Ligue 1 team Nice, the cycling team INEOS Grenadiers, and the Swiss Super League team FC Lausanne-Sport.
Saudi Arabia’s plans to acquire United, which are estimated to be worth $5 billion, were previously announced by Prince Abdulaziz bin Turki Al-Faisal, the country’s minister of sports.
Apple, a major player in technology, has reportedly also expressed an interest.
Since 2005, the Glazers have been the club’s owners. During the preceding 18 years, there has been significant fan unrest over the team’s decline in performance.
The last time the team won the Premier League was in 2013, the year Ferguson resigned, and the club has not won a trophy since 2017. Prior to the 2-1 victory over Liverpool in August, over 10,000 supporters participated in a demonstration against the Glazer family’s ownership. (ANI)
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