The British billionaire joins the race to buy the Premier League club against Qatar’s Sheikh Jassim
The Qatari sheikh who submitted an official bid to purchase Manchester United now has rivals to outbid, according to reports.
British billionaire, Sir Jim Ratcliffe, submitted an official bid for the ownership of the Premier League club on Friday. However, while there are yet to be any other official bids announced, speculations of interest by US hedge fund giant Elliott Investment Management, Saudi Arabia and business magnate Elon Musk have emerged.
Man United is asking for at least $6 billion, a record price for any sports team despite the club being esteemed at $3.4 billion on the New York Stock Exchange.
Despite the high price tag and reportedly refusing to sell any less, the saga for the Old Trafford appears to have just begun.
Estimated to be worth $ 13.6 billion by the Bloomberg Billionaires Index, the head of the chemicals firm INEOS, Ratcliffe will have another opportunity to buy a Premier League club after losing Chelsea’s bid last April.
Like Sheikh Jassim, Ratcliffe is a lifelong Manchester United fan and intends to complete a modern, progressive, and fan-centered approach within the ownership.
“Sir Jim Ratcliffe and INEOS have submitted a bid for majority ownership of Manchester United Football Club. We would see our role as the long-term custodians of Manchester United on behalf of the fans and the wider community.
In a statement via INEOS, a company spokesperson voiced: “We can confirm that Sir Jim Ratcliffe and INEOS have submitted a bid for majority ownership of Manchester United Football Club.”
“We would see our role as the long-term custodians of Manchester United on behalf of the fans and the wider community. We are ambitious and highly competitive and would want to invest in Manchester United to make them the number-one club in the world once again,” the statement added.
However, unlike Sheikh Jassim, the 70-year-old multi-billionaire is not pursuing 100% of the club and intends to only shareholding owned by the Glazer family, which amounts to 69% of Man United.
Ratcliffe has yet to broadcast the figure of the deal he has put out for Old Trafford, but sources have expressed it’s competitive to the Qatari bargain.
There is no set date on when a bid will be selected, however a decision could be likely ahead of the summer transfer window.