Jim Ratcliffe still keen to buy Manchester United as sale process drags on | Football News – Times of India

NEW DELHI: Despite the protracted battle to acquire Manchester United, British billionaire Jim Ratcliffe remains determined to complete a takeover of the iconic football club. Ratcliffe, the founder of chemicals company INEOS, is one of the leading contenders along with Qatari banker Sheikh Jassim Bin Hamad Al Thani.
The current owners of Manchester United, the Glazer family, have indicated that they value the Premier League club at £6 billion ($7.6 billion). The bidding process is being overseen by American bank Raine Group.
The Glazers, who incurred the ire of fans after burdening the club with debt during their leveraged takeover worth £790 million in 2005, seemed initially poised to sell the club at a substantial profit when they sought external investment in November.
However, the lengthy process, despite three rounds of bidding, has left supporters increasingly frustrated, as it now appears unlikely that a takeover will be finalised in time for the start of the upcoming season.
“We have a good offer. We have met the Glazers a couple of times and had a good conversation but at the end of the day it’s their decision,” Ratcliffe said at a book launch on Wednesday.
“We still very much would like to do it. I also believe we would do a good job and do it for the right reasons. We keep very focused on it.”
Sheikh Jassim’s bid team has promised to erase United’s £970 million ($1.2 billion) debt and take control of 100 percent of the club.

In contrast, Ratcliffe has reportedly sought to take a majority stake falling short of 100 percent and could allow executive co-chairmen Joel and Avram Glazer to retain their stakes in United.
But Ratcliffe, a boyhood United fan, said he would not seek to profit during his running of the club, with his returns to come from selling at a future date.
“They ain’t making them any more, Manchester United and these type of clubs,” Ratcliffe added.
“It’s like art or areas like that when you have special things and their value continues to pick up over time because they are very special and rare.
“I don’t like throwing money away or losing money. It doesn’t make me happy at all but we aren’t there to make money out of it. If it’s a really good asset it will increase its value over time.”
Ratcliffe also knocked down any suggestion that INEOS could be handed naming rights to Old Trafford.
“God no. That would be heresy,” he added.
(With AFP inputs)