Sir Jim Ratcliffe, a British billionaire, has made a bid that could increase Manchester United Football Club’s (MANU) valuation in England to more than £5 billion.
The Financial Times, citing anonymous sources, claims that Ratcliffe, founder of the Ineos chemicals company, is in competition with Sheikh Jassim bin Hamad al-Thani, a businessman from Qatar, for the takeover.
The Glazer family, the club’s current owners, are expected to hear from both bids before Wednesday night at 9 o’clock U.K. time. The benefits of accepting Ratcliffe’s deal outweigh the costs of the debt.
OGC Nice, a French football club; a third of the Mercedes Formula One team; the Grenadiers, a professional cycling team; all are sports assets that Ratcliffe already controls.
United was acquired by the Glazer family in 2005 in a £790 million leveraged acquisition orchestrated by Malcolm Glazer’s sons.
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After the £2.5 billion buyout of Chelsea FC, the Glazer family announced in 2021 that they would contemplate selling United as part of a strategic review that would also involve raising capital or finding partners to invest in Old Trafford.
A number of financial institutions are vying for a chance to acquire a minority share in Manchester United. Manchester United is worth $4.2 billion and owes about $700 million in total.
CWEB has provided some information for this story.
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