Sir Jim Ratcliffe’s INEOS Group also submits bid to acquire Manchester United after the Sheikh of Qatar lodged their offer
Sir Jim Ratcliffe did not waste any time before placing his bid to acquire the Manchester United
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Sir Jim Ratcliffe‘s company, INEOS Group, formally submitted its bid on Saturday to acquire Manchester United. The bid closely followed the official announcement Sheikh Hamad bin Jassim Al Thani’s £5 Billion bid earlier in the day.
Sir Jim, the chairman of Ineos group, had publicly spoken about his wish to acquire the club earlier this month. The Englishman has been a lifelong fan of the Red Devils and also holds season tickets to the Theatre of Dreams.
While the complete breakdown of the bid is not yet confirmed by the club, it is expected to be in the same region of the Qatari bid. American finance firm, Goldman Sachs is acting as an advisor for the bid, according to the Athletic.
Sir Jim had previously submitted his bid to buy Chelsea when it was put up for sale by Roman Abrahamovic following the outbreak of the Russia-Ukraine war. His £4.25 billion bid was rejected by Chelsea in favor of Todd Boehly.
The industrialist already owns French Ligue 1 side OGC Nice which he acquired in 2019 for €91 million Euros. This will be by far the biggest money offered to acquire a sports entity in the history of sports.
The GULF between Sir Jim and Sheikh Jassim
The 70-year-old petrochem giant is reportedly worth £13.3 billion. This is considerably less compared to Sheikh Jessim who is part of a family that is worth £278.1 billion.
Just like Sir Jim, Sheikh Jassim has also claimed to be a Manchester United fan since he was 10. He has studied in Sandhurst, England and is keen on buying the club.
According to additional reports, whatever new debt Ineos group will acquire to complete the process, will be credited to the company itself. This makes it a bit unclear whether the existing debts will remain or not. However, the Qatari bid will clear all the existing debts.
“The bid will be completely debt free via Sheikh Jassim’s Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience and the communities the club supports,” read the official statement.
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The problems with Sir Jim’s takeover
While most of the fans want a British owner at the helm, there are considerable discussions that need to be had. Ineos group has not clearly stated the resolution of the existing loans.
The club will also require considerable renovation post-takeover that will cost in the region of £2 billion. One section of fans is not convinced that Sir Jim’s net worth will allow the investment of the fortune.
Ineos already owns OGC Nice, a French league side that is close to qualifying for Europe. So, it is a clear possibility that if they reach the top spots, it will create a conflict with UEFA.
The problem with Qatar
Multiple human rights groups have suggested against this takeover citing Qatar’s abysmal record of lack of rights. A Qatar takeover will contribute to the same problem.
There is also a chance of having two teams bought by the same owners in the UEFA Champions League. PSG is also owned by the same family. However, the Sheikh has bypassed it by creating Nine Two Foundation for the sole purpose of acquiring the club.
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Arpan Ghosh
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