Who is Jim Ratcliffe, the British billionaire who wants to buy Manchester United?
The billionaire confirmed that he is in the running to buy the club from the Glazer family.
Billionaires have to spend their money on something, right? Well, British petrochemicals mogul Jim Ratcliffe has decided to buy Manchester United, as per The Times.
Sir Jim Ratcliffe, one of the richest people in Britain and the world, has confirmed that he is in the running to acquire the club. His company Ineos said on Tuesday it had declared its interest with to bank tasked with organising the sale from the Glazer family. “We have formally put ourselves into the process,” a spokesperson for Ineos, a fracking company, said. This makes it the first time that Jim Ratcliffe’s interest in buying the 20-time League champions has been made public. There is also reported interest from the United States, the Middle East and Asia.
Why is Manchester United for sale?
Manchester United are currently owned by the six children of the late former owner Malcolm Glazer (who took a majority stake in the club in 2005): Avram, Joel, Kevin, Bryan, Darcie and Edward Glazer. When Malcom died, the 90% stake he had was split equally among his children.
The Glazers are involved in property and real estate affairs, and many fans see them as unfit to run Manchester United. When Malcom Glazer took over the club in 2005, they were debt free; now they reportedly have around $1b worth of debt. Fans, in response to the Glazer’s acquisition and running of the club, launched their own club, FC United of Manchester, in 2005.
Who is Jim Ratcliffe?
Jim Ratcliffe is a 70 year-old businessman from Oldham, England. He is the current chairman of Ineos, a global manufacturer of petrochemicals that, according to the company website, “comprises 36 businesses with 194 sites in 29 countries throughout the world.” It is the third-largest chemicals company in the world, producing about 60 million tons of chemicals every year. Ratcliffe’s net worth is reported to be almost $30 billion, which is 175,000 times greater than the average US household income. Ratcliffe moved to Monaco in 2018, two years after backing Britain’s exit from the European Union.
How much does Manchester United cost?
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Yes, I’m giving that question its own sub-heading, because the answer is eye-wateringly mad.
Five billion pounds.