Jim Ratcliffe, head of chemical company INEOS and Britain’s richest man with a reported worth of £9.8 billion ($12.1bn), officially registered an interest to buy Manchester United FC on Tuesday.
The Glazer family, the US-based owners of the Premiere League giants, had revealed in November they are looking at “strategic alternatives”, including outside investment or a sale.
Boyhood United fan Ratcliffe, who made an unsuccessful £4.25bn ($5.2bn) bid to buy Chelsea last year, has long been linked with the Old Trafford outfit.
Formal bids are not expected until February, but Ratcliffe is the first to announce his intention to explore the possibility of acquiring the Premier League side. “We have formally put ourselves into the process,” an Ineos spokesperson told the BBC.
A statement from United in November said the board will “consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the company”.
AFP reports that Ineos is keen to expand a sporting portfolio which already includes ownership of French side Nice and Swiss team FC Lausanne-Sport, as well as the cycling team Ineos Grenadiers, formerly Team Sky.
Ratcliffe is expected to face competition from the United States, the Middle East and Asia. Saudi Arabia’s Sports Minister Prince Abdulaziz bin Turki Al-Faisal said in November there “could” be interest in buying United and Liverpool, who are also up for sale.
The Glazers have owned United since 2005 when they completed a leveraged buyout and have faced widespread supporter unrest over the last 18 years. American investment firm Raine Group, which handled Chelsea’s sale, are exclusively advising United, valued at around £5 billion.
Sources have told ESPN that the Glazer family are looking to raise a world record fee for a sports team and believe they can attract offers of more than £6bn ($7.25bn).
