Sir Jim Ratcliffe’s company Ineos confirmed it has formally entered the race to buy Manchester United, but the Glazer family’s valuation of the club remains a potential obstacle to any deal being done.
Movement has been limited since the Glazers said they would welcome investment in the club, including a full sale, in November, but interested parties are assembling, with Ratcliffe the first officially declared potential bidder, a spokesperson confirmed to i.
Manchester-born British billionaire Ratcliffe declared his interest in buying United in October, revealing he had met with the Glazers but was told at that stage that the club were not for sale.
“I’m a lifelong Manchester United fan,” he said at the time. “But we can’t sit around hoping that one day Manchester United will become available.”
The Glazer family have very much changed their stance since, and while advisors close to the much-maligned Americans have told i that they are very keen to see the club passed on to “suitable hands to take the club forward”, they are willing to listen any suitable offers.
Ratcliffe has previously said he is fully aware of the infrastructure projects he would have to take on, including a likely rebuild of Old Trafford, a £1bn add-on that has already deterred some interested parties, i reported last week.
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Ratcliffe made a late offer to buy Chelsea last year, of around £4.25m, and it is understood the billionaire would not like to go too much higher than that to complete a United acquisition.
Industry experts have said that Ratcliffe’s public interest in United may not help his attempts to bring the Glazers’ valuation closer to his, as it could start a “bidding war”, which will only drive up the price.
Ratcliffe, who has a sporting portfolio that includes the Ineos Grenadiers cycling team, a third of the Mercedes F1 team and Nice football club, faces competition from all corners of the globe.
Offers are expected from US investors, including several of the consortiums who bid for Chelsea, in the next month, while there is plenty of interest in the Middle East and Asia.
Several reports have claimed Qatar Sport Sports Investments are looking at a purchase of United or Liverpool, but they would either have to relinquish control of Paris Saint-Germain or settle for a minority stake in either club, given UEFA does not permit one owner to be in control of more than one team in its competition. The same goes for Saudi Arabia’s Public Investment Fund and their ownership of Newcastle.
United surprising opened a lavish suite on the main street in the Swiss ski town of Davos this week ahead of the World Economic Forum, one where no expense has been spared to standout in the upmarket spot. The club, however, deny the move is to attract potential buyers.
The club declined to comment on Ratcliffe’s potential bid.
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