British billionaire Ratcliffe formally joins process to buy Man United

BBC – British billionaire Sir Jim Ratcliffe’s firm Ineos has officially stated an interest in buying Manchester United.

United’s owners the Glazer family said in November that they were considering selling the club as they “explore strategic alternatives”.

Ineos said the company had “formally put ourselves into the process”.

Ratcliffe made an unsuccessful late £4.25bn offer to buy Chelsea last year after Russian owner Roman Abramovich put the London club up for sale.

Born the son of a joiner in Failsworth, in Greater Manchester, Ratcliffe is a boyhood fan of United and one of the UK’s richest men. His personal wealth is estimated at somewhere between £11bn (Forbes) and £6bn (Sunday Times), which puts him at 27th wealthiest person in the UK on the Sunday Times Rich List.

His petrochemicals firm Ineos makes about £50bn in annual sales and employs more than 26,000 people across 29 countries.

Following his failure to acquire Chelsea, Ratcliffe said he would have tried to buy United but, after meeting with brothers Joel and Avram Glazer, he stated that they did not want to sell.

However, since then the Glazers have changed their stance and he has now joined the bidding process.

The Ineos group owns French Ligue 1 club Nice and Swiss club Lausanne. Their sporting portfolio also includes high-profile sailing team Ineos Britannia which is aiming to win the 2024 America’s Cup for Great Britain. Ineos also has a five-year partnership with Formula 1 team Mercedes and took over the British-based Team Sky in cycling in 2019.

United have been owned by the Glazer family since 2005.

They are fourth in the Premier League after an improvement in form under manager Erik ten Hag, who took over in the summer.

There have been multiple protests against the Glazers’ ownership in recent years, including one in May 2021 that caused United’s home league match against Liverpool to be postponed.

Thousands of supporters marched to Old Trafford in protest before the same fixture this season, in August.

United were part of the failed European Super League project that rapidly collapsed in April 2021. Manchester United co-chairman Joel Glazer later apologised for the unrest it caused.

He later attended fans’ forums in the wake of supporter unrest and pledged to make shares available to the club’s followers.

A statement from United in November said the board will “consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the company”.