British billionaire Jim Ratcliffe, founder of chemicals giant INEOS, expressed his unwavering focus on completing a takeover of Manchester United as the battle for ownership of the Red Devils continues. Ratcliffe, along with Qatari banker Sheikh Jassim Bin Hamad Al Thani, stands as one of the leading candidates vying for the acquisition of the prestigious English football club.
The current owners of Manchester United, the Glazer family, have reportedly placed a value of £6 billion ($7.6 billion) on the Premier League club, with the American bank Raine Group overseeing the bidding process. The Glazers have faced significant backlash from fans since their leveraged takeover in 2005, which burdened the club with a debt of £790 million. Initially, the Glazers indicated their willingness to sell, hoping to capitalize on substantial profits when they invited external investment in November.
However, the prolonged and protracted nature of the takeover process, despite three rounds of bidding, has left supporters increasingly frustrated. It now seems unlikely that a takeover will be completed in time for the start of the upcoming season, exacerbating fans’ dissatisfaction.
Speaking at a book launch on Wednesday, Jim Ratcliffe expressed his optimism about the ongoing negotiations, saying, “We have a good offer. We have met the Glazers a couple of times and had a good conversation, but at the end of the day, it’s their decision.” He emphasized his continued desire to acquire Manchester United, asserting his belief in being able to manage the club effectively and for the right reasons. Ratcliffe reaffirmed his unwavering focus on the takeover bid, expressing his commitment to the process.
In contrast, Sheikh Jassim’s bid team has made promises to eliminate Manchester United’s £970 million ($1.2 billion) debt and take full control of the club. Ratcliffe, on the other hand, has reportedly sought a majority stake falling short of complete ownership, potentially allowing executive co-chairmen Joel and Avram Glazer to retain their stakes in the club.
However, Ratcliffe, a lifelong fan of Manchester United, stated that his primary objective is not to profit from his ownership of the club but rather to realize returns by selling it at a future date. Citing the uniqueness and rarity of a club like Manchester United, Ratcliffe drew parallels to art and other prized possessions whose value continues to appreciate over time. He emphasized that while he aims to be prudent with financial matters, he believes that a truly valuable asset such as Manchester United will naturally increase its worth over time.
With both Ratcliffe and Sheikh Jassim remaining committed to their bids, the future ownership of Manchester United hangs in the balance. As the negotiations progress, fans eagerly await a resolution that will shape the club’s trajectory and potentially redefine its relationship with its supporters.
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