Britain’s richest man, Sir Jim Ratcliffe, has confirmed that he has begun the process of sealing a takeover for Manchester United.
The Red Devils have been up for sale since November, when owners the Glazer family confirmed their intention to relinquish control. Any interested parties must first register their interest with The Raine Group, the American bank facilitating a potential sale, before confidential financial documents are exchanged and due diligence is undertaken.
INEOS chairman Ratcliffe has become the first party to made a move, confirming his intentions to complete a deal. "We have formally put ourselves into the process," a spokesman for Ratcliffe confirmed to The Times.
Manchester United are the second Premier League team that Ratcliffe has attempted to complete a deal for over the past year. Chelsea were in his sights before Todd Boehly swooped in to complete a deal. The American spent over £4billion on the London outfit.
Ratcliffe will reportedly have to pay significantly more for United, with the report suggesting that the Glazer family are holding out for over £5billion. A statement confirming their intentions to sell last year read: " Manchester United plc, one of the most successful and historic sports clubs in the world, announces today that the Company’s Board of Directors is commencing a process to explore strategic alternatives for the club.
"The process is designed to enhance the club's future growth, with the ultimate goal of positioning the club to capitalise on opportunities both on the pitch and commercially.
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"As part of this process, the Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the Company. This will include an assessment of several initiatives to strengthen the club, including stadium and infrastructure redevelopment, and expansion of the club’s commercial operations on a global scale, each in the context of enhancing the long-term success of the club’s men’s, women’s and academy teams, and bringing benefits to fans and other stakeholders."
Whilst Ratcliffe is in the running for a takeover at Old Trafford, he is likely to face competition from elsewhere. Qatari and Saudi Arabian takeover attempts have been touted, whilst there is also reportedly interest from the USA and Asia.
Ratcliffe, who is worth roughly £12.5billion, is the first party to publicly express his interest in the club since last year's announcement and it remains to be seen whether he stumps up the huge asking price laid down by the Glazers. The American tycoons have owned the club since May 2005 and many fans have staged protests against their running of the Red Devils.
