Britain’s richest man joins race to buy Manchester United

 

Britain’s richest man, Sir Jim Ratcliffe, and his INEOS company have joined the race to buy Premier League giants Manchester United.

Highly-unpopular owners. the Glazers announced in November 2022, that they were exploring “strategic alternatives” for United.

Among the options referenced at the time were the possibility of bringing new investment into the Premier League club, or potentially “a sale”.

Malcolm Glazer completed a controversial leveraged buyout of United in 2005, having first purchased a stake in September 2003.

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His takeover plunged United into significant debt because much of the capital used in the deal came from loans secured against the club’s assets.

The Glazers have been deeply unpopular among supporters throughout their time at the helm, but new ownership appears to be on the horizon.

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British billionaire Ratcliffe, a United fan, registered an interest publicly last August having failed in a last-gasp bid to buy Chelsea three months earlier.

Ratcliffe is seemingly aiming to be in the running from the start this time, with the 70-year-old, who also owns Ligue 1 club Nice, the first to come forward as a prospective buyer.

“We have formally put ourselves into the process,” an INEOS spokesperson said.

Ratcliffe has a net worth of £12.7 billion (N10.9tn), according to Forbes, having made most of his fortune since founding chemicals giant INEOS in 1998.