Jim Ratcliffe’s INEOS enters the bidding process for Manchester United
Sir Jim Ratcliffe’s INEOS, a pharmaceutical firm, has formally entered into the sales process of Premier League club Manchester United. Jim Ratcliffe’s spokesperson confirmed the news and said, “I can confirm that we have formally put ourselves into the process.”
In November, United’s US owners, the Glazer family, said they had begun looking at options for the 20-time English champion, including new investment or a potential club sale. The English club is currently valued at $4.6 billion.
The Glazer family has owned Manchester United since 2005 when late patriarch Malcolm Glazer completed a highly controversial buyout that plunged the club into debt for the first time in more than 70 years. Their business model saw significant funds taken out of the club as dividends. Despite the losses, no dividends were paid in December 2022 for the first time in six years.
This is not the only time Manchester United has been linked with a new owner. Earlier, India’s billionaire Mukesh Ambani was also reported to be having a significant interest in buying the English club from the Glazers family.
The Old Trafford-located club is currently fourth on the Premier League table with 38 points from 18 games. The club next faces table toppers Arsenal on Sunday at the Emirates Stadium.