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One of Britain’s richest men, Sir Jim Ratcliffe, has confirmed that his company is going to be bought Manchester United From the Glazer family.
The 70-year-old billionaire, who was born in Failsworth, Greater Manchester, had been coy about his ambitions to take over his boyhood club when the Glazers first announced they would ready to sell in November.
However, Ratcliffes company Ineos announced on Tuesday that it had registered an interest in the merchant bank handling the sale of the Glazer family. This announcement makes it the first potential bidder to go public.
We have officially included ourselves in the process, a spokesperson for the petrochemical and fracking company Ineos, told the Times.
United’s formal bidding process is expected to begin next month, with interest also expected from the United States, the Middle East and Asia. At this point, the parties must log in to view confidential financial documents and commit to due diligence prior to a potential acquisition.
Ratcliffe, who has a sports portfolio that includes the Ineos Grenadiers cycling team, a third of the Mercedes F1 team and Nice football club, said in October that he wanted to have a bigger asset in football. But at that point he didn’t expect the Glazers to sell.
I’m a lifer Manchester United fan, he said at the time. And I was there in that most significant match in 1999 in Barcelona, which is deeply etched in my mind. But we can’t sit around hoping that one day Manchester United will become available.
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The price tag isn’t expected to be cheap, with the Glazers looking for around 5 billion, but Ratcliffe has the money, with a fortune of $15.5 billion, according to Forbes, making him the 111th richest person in the world.
The news was met with cautious optimism by the Manchester United Supporters Trust, who reiterated their call for fans to be an integral part under any new ownership model.
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Sources 2/ https://news.google.com/__i/rss/rd/articles/CBMiYmh0dHBzOi8vd3d3LnRoZWd1YXJkaWFuLmNvbS9mb290YmFsbC8yMDIzL2phbi8xNy9zaXItamltLXJhdGNsaWZmZS1tYW5jaGVzdGVyLXVuaXRlZC1pbmVvcy1nbGF6ZXJz0gFiaHR0cHM6Ly9hbXAudGhlZ3VhcmRpYW4uY29tL2Zvb3RiYWxsLzIwMjMvamFuLzE3L3Npci1qaW0tcmF0Y2xpZmZlLW1hbmNoZXN0ZXItdW5pdGVkLWluZW9zLWdsYXplcnM?oc=5 The mention sources can contact us to remove/changing this article |
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