Sir Jim Ratcliffe said he will not pay a 'stupid price' to buy Manchester United from the Glazer family, having met club chiefs for takeover talks last week.
The INEOS founder and chairman visited Old Trafford and United's training ground on Friday - the day after Sheikh Jassim bin Hamad Al Thani's delegates also spent the day in Manchester for talks.
Ratcliffe and Sheikh Jassim both submitted bids to buy United in February and the process of a possible sale of the club has since moved into its next phase.
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While the initial offers made by interested parties are thought to have fallen short of the Glazers' reported £6bn valuation, Ratcliffe - speaking to the Wall Street Journal - said he would not part with a figure that he would regret in the future.
"How do you decide the price of a painting? How do you decide the price of a house? It’s not related to how much it cost to build or how much it cost to paint," Ratcliffe said. "What you don’t want to do is pay stupid prices for things because then you regret it subsequently."
Ratcliffe - a lifelong United supporter - claimed his motivation for wanting to purchase United comes from a desire for success on the pitch with the club. He added: "Our interest in that club would be purely in winning things."
The British businessman also stated he regarded United as a "community asset" rather than a financial one - suggesting that his pursuit of the Reds was different when compared to other business investments. "That in a sense goes without saying because sport is emotional," Ratcliffe said.
Sheikh Jassim is proposing a debt-free takeover of United, while Ratcliffe has said his bid for the club will not add to the existing debt levels. Reports have suggested the former will submit a second bid for the Reds later this week as he looks to move forward with a deal.
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