Sir Jim Ratcliffe has told the Glazers he will not pay "stupid money" for Manchester United.
INEOS founder Ratcliffe and Qatari banker Sheikh Jassim bin Hamad Al Thani are battling it out to become the new custodian of the Premier League club after the Glazers put them up for sale in November. It remains unclear when and if a takeover will be finalised.
Ratcliffe has been linked with United for sometime, yet his comments have raised doubts over whether he is willing to finance United's new era. It is not the first time Ratcliffe, who previously tried to buy Chelsea, has shown some reservations in a takeover battle.
Ratcliffe's INEOS company launched an unsuccessful bid to purchase the Blues last summer but lost out to Todd Boehly's consortium. The Chelsea question was presented to Ratcliffe's brother Bob, who is at the front of INEOS football activity, in September 2019.
He told BBC Radio 5 Live, "There was some early exchange but we were a significant way apart on valuations. The issue with Chelsea is its stadium. We are all getting older and it is a decade of your life to resolve that."
Although that didn't stop Ratcliffe from bidding for Chelsea or United, it will concern some fans of the latter club. Old Trafford needs to be renovated sooner rather than latter - as does United's Carrington training ground - which is likely to cost at least £1.5billion.
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That financial burden becomes even greater when you consider the Glazers are demanding at least £5bn for their 69 per cent share in United, which is a controlling stake. There is also the club's existing debt, which stands at around £515million.
Ratcliffe is not planning on wiping out the existing debt, nor is he expected to buy out the rest of United's shareholders. Nevertheless, the INEOS chief - who heralds from Greater Manchester - will need to invest a fortune to be handed the keys to Old Trafford.
This was explained to Ratcliffe and his representatives when he visited Old Trafford talks last Friday. The British billionaire also travelled to Carrington - where he shook hands with manager Erik ten Hag - to get a good idea of how much money he will need to invest.
It is believed Ratcliffe's opening bid for United was between £4bn and £4.5bn, with Sheikh Jassim offering around the same. The rival bidders are both expected to make second bids shortly, but Ratcliffe may not be willing to pay over the odds.
Ratcliffe was asked about his bid in an interview with the Wall Street Journal. He replied, "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. What you don’t want to do is pay stupid prices for things because then you regret it subsequently."
That is interesting, as it's believed Sheikh Jassim is willing to overpay for United. The Qatari banker also wants to buy 100 per cent of the club and is planning on wiping their existing debts.
Whatever happens with the takeover saga, Old Trafford needs to become one of the game's great arenas again. It may even take a decade to resolve that conundrum.
