Britain’s richest man, Sir Jim Ratcliffe, has confirmed his intention to buy Manchester United from the Glazers.
Sir Jim Ratcliffe and his company Ineos said it had registered its interest with the merchant bank running the sale for the Glazer family. The announcement makes it the first potential bidder to go public.
The 70-year-old billionaire, born in Failsworth in Greater Manchester, had been coy about his ambitions to take over his boyhood club. When the Glazers first indicated they would sell the club in November.
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Sir Jim Ratcliffe has a sporting portfolio that includes the Ineos Grenadiers cycling team, a third of the Mercedes F1 team and the Nice football club. The billionaire is looking to have a bigger football club. But at that stage, he did not expect the Glazers to sell.
The formal bidding for United is expected to start next month, With interest from the US, the Middle East and Asia. At this stage, parties have to sign up to see confidential financial documents and commit to undertaking. And the process of due diligence before a possible takeover.
The price tag is not expected to be cheap, with the Glazers looking for about £5bn. Ratcliffe has the money with Forbes estimating his wealth at $15.5bn making him the world’s 111th-richest person.
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The news was greeted with cautious optimism by the Manchester United Supporters Trust. Which reiterated its call for fans to be integral under any new ownership model. Before the takeover can take place, United fans are already calling for a British takeover.
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