Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Ratcliffe and Ineos confirm Man Utd bid

Ratcliffe and Ineos confirm Man Utd bid

British billionaire Sir Jim Ratcliffe and his petrochemicals firm Ineos have confirmed their bid for "majority ownership" of Manchester United.

Sheikh Jassim bin Hamad Al Thani, chairman of one of Qatar's biggest banks, has also tabled a bid.

The Glazer family are considering selling the club and a 'soft deadline' of Friday had been set for proposals.

Ineos said it wants to make the club a "beacon for a modern, progressive, fan-centred approach to ownership".

In a statement confirming its bid for the 20-time English champions, the company added: "We would see our role as the long-term custodians of Manchester United on behalf of the fans and the wider community.

"We are ambitious and highly competitive and would want to invest in Manchester United to make them the number one club in the world once again."

It added: "We also recognise that football governance in this country is at a crossroads. We would want to help lead this next chapter, deepening the culture of English football by making the club a beacon for a modern, progressive, fan-centred approach to ownership.

"We want a Manchester United anchored in its proud history and roots in the North West of England, putting the Manchester back into Manchester United and clearly focusing on winning the Champions League."


Who are Ineos and Ratcliffe?


The Ineos group, owned by 70-year-old British billionaire Ratcliffe, has a history of investment in sport and owns French Ligue 1 club Nice and Swiss Super League club Lausanne.

Its sporting portfolio also includes high-profile sailing team Ineos Britannia, led by Sir Ben Ainslie, which is aiming to win the 2024 America's Cup for Great Britain.

Ineos also has a five-year partnership with Formula 1 team Mercedes and took over British-based cycling team Ineos Grenadiers (formerly Team Sky) in 2019.

Ratcliffe made an unsuccessful late £4.25bn offer to buy Chelsea last year when Russian owner Roman Abramovich put the London club up for sale.

Ratcliffe - born in Failsworth, Greater Manchester - is a boyhood fan of United and one of the UK's richest men. His personal wealth is estimated at somewhere between £11bn (Forbes) and £6bn (Sunday Times), which makes him the 27th wealthiest person in the UK on the Sunday Times Rich List.

His petrochemicals firm Ineos makes about £50bn in annual sales and employs more than 26,000 people across 29 countries.

Following his failure to acquire Chelsea, Ratcliffe said he would have tried to buy United but, after meeting with brothers Joel and Avram Glazer, he stated that they did not want to sell - a stance that has now changed.

At least two offers for United from the United States are expected, while there have also been suggestions of interest from Saudi Arabia.

That means there could be up to five parties trying to negotiate a full sale, with others looking to make a smaller investment in return for a partial stake in the club.

The Glazer family have owned United since 2005 and in November confirmed they wanted to "explore strategic alternatives" for the club.


What has the Qatari bid said?


Sheikh Jassim's Qatari consortium has promised to "return the club to its former glories".

It added: "The bid will be completely debt free via Sheikh Jassim's Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience and the communities the club supports.

"The vision of the bid is for Manchester United to be renowned for footballing excellence, and regarded as the greatest football club in the world."

Described as a life-long Manchester United fan, Sheikh Jassim is chairman of Qatari bank QIB and the son of a former prime minister of Qatar.

Concerns have been raised about a Qatari bid by human rights group Fair Square and Manchester United LGBTQ+ fan group Rainbow Devils.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Budapest Central European Fashion Week Kicks Off
U.S. Celebrates Labor Day
Hungarian National Team Captain Scores Epic Goal
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
Japanese Customer Sways from VW to BYD after “Unbelievable” Test Drive amid Dealership Expansion
Nestlé Removes CEO Laurent Freixe Following Undisclosed Relationship with Subordinate
Pickles are the latest craze among Generation Z in the United States.
Giuliani Seriously Injured in Accident – Trump to Award Him the Presidential Medal of Freedom
Deadline Day Delivers Record £125m Isak Move and Donnarumma to City
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
Lula and Putin Hold Strategic BRICS Discussions Ahead of Trump–Putin Summit
White House Eyes Budapest for Peace Talks
Cave Diving Beneath the Streets of Budapest
Another American Restaurant Chain Opens in Budapest
Hungarian Opposition Politician Supports Ukrainian Commander
Opposition Leader Threatens Media Outlets
American Airlines Adds New Flights to Budapest
F1 Hungarian Grand Prix Wraps Up
WhatsApp is rolling out a feature that looks a lot like Telegram.
U.S. Trade Representative says Washington still negotiating trade deals after court rules tariffs illegal
Von der Leyen says Europe drawing up 'precise' plans to send troops to Ukraine
Kremlin accuses Europe of hindering Trump’s peace efforts in Ukraine
×