In an attempt to outbid Sheikh Jassim, Sir Jim Ratcliffe creates a desperate proposal to purchase Manchester United.
Earlier this year, the British tycoon proposed buying 69% of United’s shares from the Glazer family, the existing owners. In order to appease the remaining 31% of United’s shareholders, it is believed that Ratcliffe, as owner and creator of the INEOS business, is willing to make concessions to his proposal.
In an effort to acquire United, Ratcliffe and a Qatari group under the direction of Sheikh Jassim bin Hamad Al Thani have both made offers to the Glazers worth roughly £5 billion. However, the Glazers want closer to £6 billion for their shares, and the Qataris’ offer is for the whole club; therefore, the acquisition has stalled.
Ratcliffe, a lifelong United fan, is said to be prepared to make a sixth offer to the Glazers. If his first proposal had been accepted, the Glazers would have remained minority investors in the club. United’s board has been looking at “strategic alternatives,” such as a sale, for the last 10 months, although they have turned down bids from interested parties including Ratcliffe and Sheikh Jassim.
The CEO of INEOS said in July that his company made a “good offer” and that he and the Glazers had met twice. We’ve had productive talks with them. We are still keen on the idea. Moreover, our motivations would be pure. But ultimately, the choice must rest with them, not us.
A team, Ratcliffe said, “doesn’t come around very frequently. There are exceptional squads, and their worth tends to rise. Unique and valuable groups like this one are as uncommon as works of art. I don’t believe there’ll be a huge shift in the sporting world in the next decade.
The Manchester-born petrochemical magnate recently claimed that should he purchase United, he cannot fathom failing at the club. In an interview with INEOS.TV, Ratcliffe revealed, “The Manchester United bid would have been unthinkable two or three years ago without some of the experiences—some quite difficult experiences with (Swiss club) Lausanne and (French side) Nice.”
This connection has grown stronger and stronger over my stay here, and it has grown much more today. They’ll be more likely to back us after seeing that incredible comeback. United is a club where everyone works together. We’re all shooting for the same goals, giving it our all, and coordinating well with one another.
