THE race to buy Manchester United heated up yesterday with Jim Ratcliffe’s company INEOS confirming it had bid for the club and a source telling Reuters that US hedge fund Elliott Investment Management was also prepared to finance a takeover.
British billionaire Ratcliffe, a life-long United fan and founder of chemicals producer INEOS, has previously openly expressed his interest in buying the Old Trafford club, and INEOS formally entered the bidding process earlier this year.
INEOS said in its statement yesterday that it would look to implement a fan-centred approach, something that has been largely absent under the current owners, the Glazer family.
“We would see our role as the long-term custodians of Manchester United on behalf of the fans and the wider community,” the chemical firm said.
Elliott has ruled itself out of a full takeover but is planning to offer financing for a bid, though it is unclear which bid the hedge-fund giant and previous owner of Serie A champions AC Milan will be involved in, a source told Reuters.
Elliott and United both declined to comment.
The Glazers began looking at options for record 20-time English champions United, including new investment or a potential sale, in November, 17 years after they bought the Old Trafford club.
They bought United for £790 million ($951m) as part of a highly leveraged deal and any sale of the Premier League giant would likely exceed the biggest sports deal so far – the $5.2 billion including debt and investments paid for Chelsea, sources have told Reuters previously.
United fans have been clamouring for a change of ownership and the Glazers, who also own the National Football League’s Tampa Bay Buccaneers, have been criticised as the team has not won trophies since 2017, when they lifted the Europa League and League Cup.
The initial deadline for bids expired on Friday, with Shaikh Jassim bin Hamad Al Thani, a son of Qatar’s former prime minister, confirming a bid. On Thursday, the Daily Telegraph reported that Saudi Arabia has also submitted a bid.
United are the fourth-richest soccer club in the world, according to analysis by Deloitte.
United’s Premier League rivals Liverpool have also said they are exploring a sale, while Tottenham Hotspur are expected to receive a bid worth $3.75bn from Iranian-American billionaire Jahm Najafi, Reuters has reported.
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