Billionaire owner of petrochemical company INEOS, Sir James Ratcliffe has become the first person to publicly announce his intention to purchase Premier League giants Manchester United.
Ratcliffe, one of Britain’s richest men, is a boyhood United fan and has previously indicated a desire to take over the club from the Glazers family after their 18-year ownership.
A spokesperson for the Briton confirmed that they have formally begun the process of acquiring England’s biggest football club.
“We have formally put ourselves into the process of bidding,” the spokesperson told the Times Sports
Ineos has entered the bidding process to buy Manchester United. “We have formally put ourselves into the process of bidding”, spokesman has told Times Sport’s @DickinsonTimes 🔴 #MUFC
Sir Jim Ratcliffe is the first one to go public — with other groups now also interested. pic.twitter.com/MD6q2zZefx
— Fabrizio Romano (@FabrizioRomano) January 17, 2023
The American owners of Man Utd, the Glazers family, released a statement last November that read: “As part of this process, the board will consider all strategic alternatives, including new investment to the club, a sale, or other transactions involving the company”.
Manchester United are the second Premier League club Ratcliffe has attempted to buy over the last year after an unsuccessful €4.25 billion bid to buy Chelsea before Todd Boehly and his consortium swooped in.
Reports suggest that United’s current owners are hoping to receive at least €5 billion to sell the Red Devils with interested parties expected to register with Raine Group, the global merchant bank handling the sale of the club.
Amid reports of possible interests from the United States, Middle East, and Asia, INEOS is the first party to confirm publicly that it has entered the takeover process.
The 70-year-old is no stranger to big sporting investments, as he owns cycling teams INEOS Grenadiers, Ligue 1 team Nice, and FC Lausanne-Sport, a Swiss Super League club.
