Before the Wednesday deadline for second proposals, British billionaire and founder of the chemical company INEOS Jim Ratcliffe has made it plain that he is not prepared to pay an excessive price for Manchester United. A supporter of United, Ratcliffe put in a bid for the Premier League team back in February.
The Glazer family, who are now in charge of Manchester United, have been looking into potential buyers for the 20-time English champions since November, 17 years after they paid £790 million ($968.30 million) for the team in a heavily leveraged transaction. New investment or a prospective sale are two choices.
According to sources who have previously spoken to Reuters, any sale of United is certain to surpass the largest sports transaction to date, which was the $5.2 billion paid for Chelsea, including debt and investments.
Ratcliffe said that Manchester United is a “community asset” rather than a “financial asset” in an interview with the Wall Street Journal. He said that the value of the club is independent of the cost of construction or painting, likening it to the value of a painting or a home.
Ratcliffe also underlined the need to avoid overpaying for items since doing so might cause regret later on. According to a Sky Sports report, before Wednesday’s deadline for second proposals, Manchester United is expected to receive more than five bids.
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Photo by: reuters
