Bid for Man United gathers steam with four parties in the running
Interest in buying English club also emerges in Qatar and Saudi Arabia
19 February 2023 - 16:19
byPeter Hall and Aadi Nair
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Tete of Leicester City contends for the ball with Luke Shaw of Manchester United during the Premier League match between Manchester United and Leicester City at Old Trafford in Manchester, England, February 19 2023. Picture: MICHAEL REGAN/GETTY IMAGES
London — The race to buy Manchester United heated up at the weekend with Jim Ratcliffe’s company Ineos confirming it had bid for the club and a source telling Reuters that US hedge fund Elliott Investment Management was also prepared to finance a takeover.
British billionaire Ratcliffe, a lifelong United fan and founder of chemicals producer Ineos, has previously openly expressed his interest in buying the Old Trafford club, and Ineos formally entered the bidding process this year.
Ineos said in its statement on Saturday that it would look to implement a fan-centred approach, something that has been largely absent under the current owners, the Glazer family.
“We would see our role as the long-term custodians of Manchester United on behalf of the fans and the wider community,” the chemical firm said. “We are ambitious and highly competitive and would want to invest in Manchester United to make them the No 1 club in the world once again.”
Elliott has ruled itself out of a full takeover but is planning to offer financing for a bid, though it is unclear which bid the hedge-fund giant and previous owner of Serie A champions AC Milan will be involved in, a source told Reuters.
Elliott and United both declined to comment.
Ineos has long been involved in sport, with the company acting as principal partners to eight-times Formula One champions Mercedes, owning the Ineos Grenadiers cycling team and serving as performance partner to the New Zealand rugby team.
The company also bought French Ligue 1 club Nice in 2019.
The Glazers began looking at options for record 20-time English champions United, including new investment or a potential sale, in November, 17 years after they bought the Old Trafford club.
They bought United for £790m as part of a highly leveraged deal and any sale of the Premier League giant would likely exceed the biggest sports deal so far — the $5.2bn including debt and investments paid for Chelsea, sources have said previously.
Clamour for change
United fans have been clamouring for a change of ownership and the Glazers, who also own the National Football League’s Tampa Bay Buccaneers, have been criticised as the team has not won trophies since 2017, when they lifted the Europa League and League Cup.
The Manchester United Supporters Trust (MUST) said in November that the club needed new owners and fresh investment to halt years of decline and fans should be given a real say in how it is run in future.
Ineos said it wants to make United 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,” the statement said.
The initial deadline for bids expired on Friday, with Sheikh Jassim Bin Hamad Al Thani, a son of Qatar’s former prime minister, confirming a bid. On Thursday the Daily Telegraph reported that Saudi Arabia has also submitted a bid.
United are the fourth-richest football club in the world, according to analysis by Deloitte.
United’s Premier League rivals Liverpool have also said they are exploring a sale, while Tottenham Hotspur are expected to receive a bid worth $3.75bn from Iranian-American billionaire Jahm Najafi.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Bid for Man United gathers steam with four parties in the running
Interest in buying English club also emerges in Qatar and Saudi Arabia
London — The race to buy Manchester United heated up at the weekend with Jim Ratcliffe’s company Ineos confirming it had bid for the club and a source telling Reuters that US hedge fund Elliott Investment Management was also prepared to finance a takeover.
British billionaire Ratcliffe, a lifelong United fan and founder of chemicals producer Ineos, has previously openly expressed his interest in buying the Old Trafford club, and Ineos formally entered the bidding process this year.
Ineos said in its statement on Saturday that it would look to implement a fan-centred approach, something that has been largely absent under the current owners, the Glazer family.
“We would see our role as the long-term custodians of Manchester United on behalf of the fans and the wider community,” the chemical firm said. “We are ambitious and highly competitive and would want to invest in Manchester United to make them the No 1 club in the world once again.”
Elliott has ruled itself out of a full takeover but is planning to offer financing for a bid, though it is unclear which bid the hedge-fund giant and previous owner of Serie A champions AC Milan will be involved in, a source told Reuters.
Elliott and United both declined to comment.
Ineos has long been involved in sport, with the company acting as principal partners to eight-times Formula One champions Mercedes, owning the Ineos Grenadiers cycling team and serving as performance partner to the New Zealand rugby team.
The company also bought French Ligue 1 club Nice in 2019.
The Glazers began looking at options for record 20-time English champions United, including new investment or a potential sale, in November, 17 years after they bought the Old Trafford club.
They bought United for £790m as part of a highly leveraged deal and any sale of the Premier League giant would likely exceed the biggest sports deal so far — the $5.2bn including debt and investments paid for Chelsea, sources have said previously.
Clamour for change
United fans have been clamouring for a change of ownership and the Glazers, who also own the National Football League’s Tampa Bay Buccaneers, have been criticised as the team has not won trophies since 2017, when they lifted the Europa League and League Cup.
The Manchester United Supporters Trust (MUST) said in November that the club needed new owners and fresh investment to halt years of decline and fans should be given a real say in how it is run in future.
Ineos said it wants to make United 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,” the statement said.
The initial deadline for bids expired on Friday, with Sheikh Jassim Bin Hamad Al Thani, a son of Qatar’s former prime minister, confirming a bid. On Thursday the Daily Telegraph reported that Saudi Arabia has also submitted a bid.
United are the fourth-richest football club in the world, according to analysis by Deloitte.
United’s Premier League rivals Liverpool have also said they are exploring a sale, while Tottenham Hotspur are expected to receive a bid worth $3.75bn from Iranian-American billionaire Jahm Najafi.
Reuters
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