Manchester United have confirmed the interest from Jim Ratcliffe as he look to take-over Old Trafford after submitting a dead-line bid.
Ratcliffe and Qatari Sheikh Jassim bin Hamad al-Thani, who are both expected to confirm world-record second Manchester United bids of at least £5 billion, continue to be the front-runners.
But, there is an increasing risk that the Glazer family may continue to run the club after American hedge fund Elliott Management offered to buy a minority interest that would allow the owners to remain in charge.
The day before the extended bid deadline, on Thursday afternoon, Sir Jim, the richest man in Britain, made his move.
In response to Jim’s bid, a spokesman stated that: “Sir Jim Ratcliffe and Ineos can confirm we have submitted a revised bid.”
Sir Jim’s ambition to acquire the team he has supported since his school days is shown by the action, which follows a ridiculous situation on Wednesday night in which the Raine Group, the Glazers’ approved deal-makers, extended the earlier 9pm bidding deadline at the last minute.
Sheikh Jassim and INEOS first struggled to plan their response to the action.
Once Raine announced Friday’s deadline, both sides will have submitted amended and improved offers by Friday afternoon, breaking the previous mark for a sports team set when the NFL’s Denver Broncos sold for £3.8 billion last summer.
Nevertheless, there are growing concerns that the lengthy sales process may not even materialize, which would be a shocking U-turn for many Old Trafford supporters.
The information about the Elliott proposal confirmed those worries, which also raised doubts about Raine’s possible “playing” of the two major bidders.
Who Is Sir Jim Ratcliffe?
Sir James Arthur Ratcliffe FIChemE, a chemical engineer and businessman who was born in Britain on October 18, 1952, is a multibillionaire.
Ratcliffe formed the INEOS chemicals group in 1998 and currently serves as its chairman and CEO.
In 2021, the corporation is projected to have generated $65 billion in revenue.
His public persona is modest, and The Sunday Times once dubbed him “publicity shy.”
Ratcliffe held the title of wealthiest person in the UK in May 2018 with a net worth of $21.05 billion.
His net worth was estimated at $28.2 billion as of April 2020 by the Bloomberg Billionaires Index, ranking him second in the UK and 55th overall in terms of wealth.
Ratcliffe formally relocated his tax domicile from Hampshire to Monaco in September 2020, a move that is expected to save him £4 billion in taxes.
Which Other Bidder Wants Manchester United
One of the most successful team in the world, Manchester United, may soon have new owners.
Many parties are currently competing to buy the club from the Glazer family, who are considering selling up.
The Red Devils are one of the most successful teams in the world, but they haven’t won the Premier League since 2012, and their supporters are dissatisfied with the club’s lack of infrastructure spending.
Sir Jim Ratcliffe
The Oldham-born, lifelong Manchester United fan and British billionaire Sir Jim Ratcliffe already owns two football teams, OGC Nice and Lausanne-Sport, as well as the Mercedes F1 squad through his firm INEOS.
The Manchester United Supporters Trust welcomed Ratcliffe as a potential investor after he expressed interest in purchasing Chelsea, and there have even been rumors that F1 legend Lewis Hamilton would be involved in the deal.
Qatar
Prince Jassim bin Hamad bin Jaber Al-Thani, a lifetime supporter of Manchester United and the chairman of the Qatar Islamic Bank (QIB), made a proposal for 100 percent ownership of the team through a business named the Nine Two Foundation, confirming the rumors of interest from a Qatari group.
The name “Nine Two” seems to be a nod to David Beckham and the illustrious Man United class of 1992.
Elliott Investment Management
According to reports, Elliott, the American hedge fund that took charge of the sale of AC Milan in 2018 and is now in charge of the United acquisition process, made an eleventh-hour pitch to Raine.
According to reports,, Elliott is reportedly giving finance to any interested party that makes a bid to purchase the club, or to the Glazers themselves if they decide not to sell.
The Glazers made it plain in November of last year that they had other options besides selling United altogether, including the prospect of new investment under their continued ownership.
