Jim Ratcliffe officially began process of buying Man United

• Ineos formally enters the Manchester United purchase competition.
• The company is owned by British billionaire Jim Ratcliffe.
• Peter Schmeichel defends club’s decision to open premium lounge.

Jim Ratcliffe, a British billionaire, has officially entered the contest to acquire Manchester United through his company Ineos.

United’s owners, the Glazer family, stated in November that they were open to listen to proposals for the Premier League club, and Ratcliffe is eager to reach a deal.

Ratcliffe, who launched an abortive offer to acquire Chelsea last year for £4.25 billion ($5.2 billion), has long been associated with the Old Trafford club.

“I can confirm that we have formally entered the process,” said an Ineos spokesman to AFP.

Ratcliffe is looking for a Premier League behemoth after failing with his Chelsea buyout when Roman Abramovich sold the Blues to American entrepreneur Todd Boehly and his group.

United have yet to respond to the reports of the 70-year-interest old’s in taking over from the Glazers of the United States.

However, Ratcliffe, who was born in Failsworth, Greater Manchester, is one of Britain’s richest men and may be more appealing to United fans than the Glazers, who have faced numerous fan demonstrations during their tumultuous rule.

Due to the team’s decreasing fortunes on the field in recent years, the Glazers, who completed a leveraged buyout of the club in 2005, have proven highly unpopular with supporters.

Their purchase of United also left the club with massive debts, and they have long been accused of pulling more money out than they have put in transfer funds.

The Glazers infuriated United fans even further by supporting the unsuccessful European Super League initiative in April 2021, which would have resulted in the club joining a breakaway competition.

A statement from United in November said the board will “explore all strategic possibilities, including new investment into the club, a sale, or other transactions involving the firm”.

United has not won the Premier League since 2013, and its previous big prize was in 2006.

After finishing sixth in the Premier League last season, United have been revitalized by manager Erik ten Hag and now sit fourth after defeating archrivals Manchester City 2-1 on Saturday.

– ‘One of the most well-known sports brands’ –

Ineos is looking to extend its athletic portfolio, which already includes French club Nice, Swiss club FC Lausanne-Sport, and cycling team Ineos Grenadiers, formerly Team Sky.

Ratcliffe may face competition from Saudi Arabian investors after the country’s sports minister, Prince Abdulaziz bin Turki Al-Faisal, stated in November that there “might” be interest in purchasing both United and Liverpool, both of which are available for sale.

Raine Group, the American investment firm that handled Chelsea’s sale, is exclusively advising United, which is valued at roughly £5 billion.

Ratcliffe’s pitch came just hours after United great Peter Schmeichel defended the club’s choice to open a premium lounge at the World Economic Forum in Davos.

The club has erected a lounge on the main high street of Davos, a posh Swiss ski resort swarming with billionaires and CEOs this week during the annual Forum. It is located near major software businesses, consultancies, and banks.

“If you look at what we say about ourselves, we say we are one of the largest athletic brands in the world,” Schmeichel, who is working as an ambassador, told AFP.

Schmeichel, who won five Premier League crowns and the Champions League with United, stated that his personal choice would be for fans to buy the club, although he admitted that this was a remote possibility.

“I know there are a lot of people who desire a change in ownership,” he explained.

“Would changing ownership make a difference for me? The only difference would be if it was owned by the fans, which I believe is unlikely. It’s far too large.”

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