British billionaire Sir Jim Ratcliffe interested in buying Manchester United: Reports
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Sir Jim Ratcliffe, a British billionaire, has revealed his intention to purchase a shareholding in Manchester United with the intention of eventually assuming complete ownership of the team.
Ratcliffe, the founder of Ineos, is eager to discuss buying a part in United with the club’s American owners, the Glazer family.
According to a representative for Ratcliffe, “Jim is absolutely a potential buyer if the club is for sale.”
It follows a Wednesday Bloomberg article that said the Glazers might consider selling a slight interest in United. According to The Times, United fan Ratcliffe, who is thought to be worth $13 billion (£10.8 billion), has the financial means to fully take control of the Premier League team.
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But if there was a plan to take over completely, later on, he would be open to discussing minority ownership with the Glazers.
According to a representative for Ratcliffe, additional funding for United may be utilized to modernize the team’s outdated infrastructure, most notably Old Trafford.
“The amount of money spent or not spent is not the topic at hand. Jim is considering what can be done immediately away and feels that a reset is in order given how crucial the club is to the community” said the spokesperson.
The Glazers acquired ownership of United in 2005 after investing £790 million, a large portion of which came in the form of loans, to finalize the takeover.
The American family has come under harsh criticism from fans for its ownership, with many supporters upset over what they believe to be a lack of interest in the team.
Even after the team’s underwhelming start to the season under new coach Erik ten Hag, the revelation that they are now thinking about selling a minority stake in United led to a substantial increase in the club’s share price.
Goal has reported that the Glazers now value the club at more than $6 billion (£5 billion). It would be the most costly sale of a football club ever if the club was sold for that sum.
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Ujan Chakraborty
(1240 Articles Published)