Sir Jim Ratcliffe has confirmed that his company INEOS are in the running to take over Manchester United.
The Red Devils have been on the market since the end of last year after the club’s owners, the Glazer family, confirmed their willingness to welcome new investment.
Executive Co-Chairmen and Directors, Avram Glazer and Joel Glazer, via the club’s website last year, announced their plans in a statement that read: “As we seek to continue building on the Club’s history of success, the Board has authorized a thorough evaluation of strategic alternatives.
“We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the Club today and in the future. Throughout this process we will remain fully focused on serving the best interests of our fans, shareholders, and various stakeholders.”
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Although the process of selling the club is likely to be a lengthy one, according to this latest report from the Times, Ratcliffe has become the first billionaire to ‘formally commit’ to the prospect of buying the 20-time league winners, a club he is also a known to be a supporter of.
The club’s valuation is believed to be around £5bn. Speaking exclusively to CaughtOffside earlier this month about United’s impending sale, football agent Jon Smith, said: “Their potential sale is still in the works. There’s a lot of American interest, but when it comes to valuation – I’d be very surprised if the eventual price didn’t begin with a number five.”