Ineos, the company founded by British billionaire Jim Ratcliffe, announced on Saturday that it has made an offer to purchase Manchester United, promising to transform the Premier League club “the number one club in the world once again.”
Ratcliffe’s Ineos company will compete with Qatari banker Sheikh Jassim Bin Hamad Al Thani, who made a bid to buy out the Glazer family on Friday.
Ratcliffe, 70, is one of Britain’s wealthiest people, with an estimated net worth of 12.5 billion pounds ($15 billion) as a result of the success of his global chemical company.
“We can confirm that Sir Jim Ratcliffe and Ineos have submitted a bid for majority ownership of Manchester United Football Club,” the company said in a statement. “We are ambitious and highly competitive and would want to invest in Manchester United to make them the number one club in the world once again.”
Ineos also appeared to position itself as an alternative to foreign ownership, with the Qatari bid following a Saudi takeover of Newcastle last year. Manchester City, United’s crosstown rival, has been owned by Abu Dhabi since 2008. In contrast to the Qatari state-backed ownership of Paris Saint-Germain, Sheikh Jassim’s bid emphasizes the use of only private wealth.
“We also recognize that football governance in this country is at a crossroads,” Ineos said. “We would want to help lead this next chapter, deepening the culture of English football by making the club 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.”
Ratcliffe announced his intention to bid last month. That was a shift in strategy from last year when he launched a last-minute bid for Chelsea, but was not considered because he missed the deadline.
Ratcliffe, who already owns French club Nice, last year said he had no interest in another bid for a Premier League club after missing out on Chelsea and receiving little encouragement from the Glazers for United. But he would be a popular choice among fans because of his longstanding support of the club.
“We also recognize that football governance in this country is at a crossroads,” Ineos said.
“We would want to help lead this next chapter, deepening the culture of English football by making the club 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.”
Ratcliffe announced his intention to bid last month. That was a shift in strategy from last year when he launched a last-minute bid for Chelsea, but was not considered because he missed the deadline.
Ratcliffe, who already owns French club Nice, last year said he had no interest in another bid for a Premier League club after missing out on Chelsea and receiving little encouragement from the Glazers for United. But he would be a popular choice among fans because of his longstanding support of the club.