Sir Jim Ratcliffe, a prospective Manchester United owner, has warned that he will not pay a “stupid” price for the Premier League giants, even as more bidders are expected to enter the race for Old Trafford. The British billionaire is one of two parties that have publicly announced their bids to Raine, the merchant bank tasked with assessing offers for the club. The other is Qatari banker Sheikh Jassim Bin Hamad Al Thani.
United’s unpopular owners, the Glazer family, announced in November that they were conducting a strategic review, with a sale of the club being one option under consideration. The Americans’ asking price is believed to be $6 billion. Ratcliffe, chairman of chemicals giant INEOS, and his team met with the club on Friday during a visit to Old Trafford and the Carrington training complex, a day after Sheikh Jassim’s representatives visited United.
In an interview with the Wall Street Journal, the 70‑year‑old Ratcliffe said he would not overpay for the 20‑time English champions. “How do you decide the price of a painting? How do you decide the price of a house? It’s not related to how much it cost to build or how much it cost to paint. What you don’t want to do is pay stupid prices for things because then you regret it subsequently,” he explained.
Ratcliffe, who already owns French club Nice, said his interest in United would be “purely in winning things,” describing the club as a “community asset” rather than a financial one. Sky News reported on Tuesday that Sheikh Jassim and Ratcliffe were understood to be preparing second bids before a Wednesday deadline for second offers, and that a number of other parties could join the bidding process. Elliott Investment Management has also reportedly progressed to the second stage, although the firm is believed to be offering funding rather than seeking a takeover.
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