British billionaire Sir Jim Ratcliffe confirms he’s bidding to buy Manchester United: Ineos formally enters the running to oust the Glazers
- Sir Jim Ratcliffe has confirmed that he is bidding to buy Manchester United
- The Premier League club was put up for sale by the Glazer family in November
- Glazers reportedly want £5billion before selling United to any interested party
Sir Jim Ratcliffe has become the first bidder for Manchester United to formally throw his hat into the ring.
A spokesman for Ratcliffe, one of Britain’s richest men and a boyhood United fan, confirmed on Tuesday that his company Ineos is interested in buying the club, saying: ‘We have formally put ourselves into the process.’
Ratcliffe is expected to face rival interest from the United States, Asia and the Middle East after the Glazer family revealed their willingness to sell United following 17 years in power at Old Trafford.
Sir Jim Ratcliffe has formally entered the race to buy Manchester United from the Glazers
The Glazer family admitted that they were open to ‘exploring strategic alternatives’ last year
The 70-year-old Ratcliffe, who tried to buy Chelsea before the Stamford Bridge club was taken over by a consortium led by Todd Boehly in May, met United co-chairmen Joel and Avram Glazer for formal talks last year.
The American owners, unpopular with the United fan base, want in excess of £5billion for the club but may also consider selling off a minority stake to an investor.
Bidders have to declare their interest in buying United with Raine, the investment bank acting as the club’s financial advisers, and formal offers are expected to be made next month.
It’s understood that the process could be concluded before the end of the season.
If United can go on to mount a title challenge, it could push the Glazers’ asking price up further