Sir Jim Ratcliffe supported the terms he proposed in the third round of bidding for Manchester United. Photo: John Super
Sir Jim Ratcliffe is pushing Ineos to remain firmly in the hunt for Manchester United as the Glazers finalize their decision after a seven-month saga. The biggest deal in sports has been plagued with delays, with bids first falling short of salespeople's expectations, then splitting between sibling owners over whether to sell.
While Ratcliffe backed the terms he proposed in the third round of bidding, Sheikh Jassim bin Hamad Al Thani, his archrival, offered a fourth and then a fifth and presumably final offer on 7 June.
< p>However, when asked about the long-awaited deal at the book launch in Knightsbridge, Ratcliffe said he was still “in the process”.
“Obviously we can't say too much because we signed a non-disclosure agreement and we respect it, but the process is still ongoing and we're in it,” he said.
“We have a good offer – we met with the Glazers a couple of times and had a good talk, but in the end it's their decision … we would still really like to do it.
“I also think we're going to do a good job and do it for the right reasons. We're very focused on that.”
None of the top bidders were given clear deadlines for a decision, but brokers working for the Glazers were hoping that the deal could be done by April last year.
The Qatari group led by Sheikh Jassim became more and more convinced of their chances after the last proposal, but it is known that the Glazers had a good dialogue with Ineos.
It is clear that all bidders are offering a premium for United, but speaking at the presentation of “Cruelty, austerity and humor – the history of Ineos”, Ratcliffe said that United is a profitable investment.
“They don’t make them anymore,” he added. Manchester United and these types of clubs are like art or similar areas. When you have special things, and their value continues to grow over time, because they are very special and rare.
“I don't like throwing away or losing money.
“It doesn’t please me at all. But we're not here to make money from it. If it's a really good asset, its value will rise over time.”
When asked if he might consider renaming Old Trafford as a potential business opportunity for his petrochemical company, Ratcliffe replied, “God no, that would be heresy.”
Ratcliffe, whose firm Ineos generates $61 billion in revenue, has raised funding from banks including Goldman Sachs Group Inc and JPMorgan Chase & Co., Rothschild & Co. and Bank of America Corp. are among other banks advising or offering capital on the transaction.
Billionaire Paul Singer's Elliott Management has also offered to help fund bids to buy the club, competing with rival investors including Carlyle Group Inc., Sixth Street Partners and Ares Management Corp.
Leading bidders were limited to the Glazers telling fans about their plans for the club. Ratcliffe was asked if this was a disappointment amid some fans on social media backing the deal proposed by Sheikh Jassim.
The 70-year-old declined to comment on this, but Tom Crotty, director of Ineos, admitted that during Chelsea's tense sale process last year, it “helped a lot” that potential buyers could “talk to fans.” “.
About 69% of United's shares are owned by the Glazers, the rest is distributed among several shareholders owning shares registered in New York.
Responding to a question about the purchasing power of major clubs, Ratcliffe pointed out that under current financial fair play, “you can only spend the money you get”, adding that “it was obviously not always, for example. with PSG and Manchester City.
“There is a lot of controversy surrounding the FFP rules,” he added.
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