Man United takeover is heating up with Ineos-Qatar battle
Sir Jim Ratcliffe has vowed to make Manchester United the “number one club in the world” again after it was confirmed that Ineos had made a takeover bid.
The English billionaire’s company Ineos will compete with wealthy Qatari banker Sheikh Jassim Bin Hamad Al Thani to buy the Old Trafford club from the Glazer family.
Ratcliffe, 70, is one of the UK’s richest people with an estimated net worth of Stg12.5 billion ($21.9 billion) following the success of his global chemicals company.
“We would view our role as long-term guardians of Manchester United on behalf of the fans and the wider community,” Ineos said in a statement on Saturday.
“We are ambitious and very competitive and would want to invest in Manchester United to make them the number one club in the world again.
“We also recognize that football administration is at a crossroads in this country. We want to help drive this next chapter and deepen the culture of English football by making the club a beacon for a modern, progressive, fan-centred approach to ownership.
“We want a Manchester United that is steeped in its proud history and roots in the North West of England, that takes Manchester back to Manchester United and has a clear focus on winning the Champions League.”
Ratcliffe – who also owns cycling team Ineos Grenadiers, Ligue 1 club Nice and Swiss club Lausanne-Sport and is a third shareholder of the Mercedes Formula One team – has previously said he is a lifelong United fan .
He made an unsuccessful bid to buy Chelsea last year.
Like Ratcliffe, Al Thani, the chairman of Qatar bank QIB, says he was a childhood supporter of United.
He has hinted that his offer would put the Old Trafford club out of debt, unlike the Glazer family’s controversial leveraged buyout in 2003.
A statement released on Friday night said: “The bid plans to return the club to its former glory both on and off the pitch and, most importantly, will seek to put fans back at the heart of Manchester United Football Club.”
It’s understood that Raine Group – which is tasked with helping United evaluate bids – would like the acquisition process to proceed expeditiously, acknowledging the first quarter of the year as a key time. United could even be under new ownership by the end of the current season.
