Siddharth Juyal
Sir Jim Ratcliffe dealt a financial blow amidst the Manchester United takeover race
Sir Jim Ratcliffe has suffered two financial blows amidst attempts to seal the deal for his childhood club, Manchester United.
The 70-year-old British billionaire is the chairman and chief executive officer of the INEOS chemical group. The Britisher witnessed his two major chemical firms’ net losses in the second quarter of 2023, but doesn’t appear overly concerned.
Reports from Bloomberg (h/t The Mirror) suggest that the two chemical firms, INEOS Group Holdings SA and INEOS Quattro Holdings Ltd, recorded net losses in the second quarter since it last happened in 2020’s second quarter.
Despite the losses, bondholders remain ‘quite relaxed’ as INEOS reportedly amassed €2 billion (£1.7 billion) in cash reserves.
Sir Ratcliffe and Sheikh Jassim bin Hamad Al-Thani of Qatar came out as two frontrunners willing to buy Manchester United from the Glazers. As of yet, it remains unclear as to who has the upper hand among the duo.
Sir Ratcliffe spoke about his desire to buy the Red Devils in his interview with INEOS.TV (h/t The Mirror). He said:
“The Manchester United bid would have been unthinkable two or three years ago if we hadn’t had some of experiences – some quite difficult experiences with Lausanne and Nice. You can’t really contemplate acquiring a brand like Manchester United and failing because the failure is just far too public and excruciating in a deal like that.”
The Glazers rejected Ratcliffe and Sheikh Jassim’s initial bid of around £4.5 billion recently. At the time, it was clear that the Americans were insisting on the £6 billion asking price. Given the recent losses, it remains to be seen if Sir Ratcliffe will raise the stakes anytime soon.
The Mirror also mentioned that new reports are suggesting that The Glazers have increased their asking price to a massive £10 billion. The price that may push Ratcliffe to back out of the United takeover chase.
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- New Manchester United captain Bruno Fernades makes admission about his new role
The outcome remains uncertain. United fans must exercise patience, longing for a trustworthy successor to terminate the infamous Glazer reign.
