July 06, (THEWILL) – The battle for the takeover of Manchester United persists as British billionaire, Jim Ratcliffe, remains unwavering in his determination to complete a takeover of the renowned English Premier League club.
Ratcliffe, the founder of chemicals giant INEOS, stands as one of the leading candidates alongside Qatari banker, Sheikh Jassim Bin Hamad Al Thani. The Glazer family, the current owners of Manchester United, have valued the EPL club at £6 billion ($7.6 billion), with the bidding process being overseen by American bank, Raine Group. With growing fan frustration due to the protracted negotiations, Ratcliffe has asserted his unwavering focus on the acquisition.
The billionaire is particular about his commitment to doing a commendable job for the right reasons and has taken every effort to clarify his intention about not seeking any personal profit from taking charge at the Old Trafford side. While Sheikh Jassim’s bid team aims to eliminate Manchester United’s £970 million ($1.2 billion) debt and gain complete control of the club, Ratcliffe’s approach reportedly involves securing a majority stake, falling short of 100 percent ownership, while potentially allowing executive co-chairmen, Joel and Avram Glazer, to retain their stakes in the club.
As a lifelong fan of Manchester United, Ratcliffe assures that his goal is not to profit immediately but rather to realise returns through a future sale, highlighting the rarity and enduring value of such iconic clubs. He said: “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 its value over time.” Furthermore, Ratcliffe categorically dismissed the possibility of INEOS acquiring naming rights to Old Trafford, declaring it a sacrilege.
About the Author
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
