Jim Ratcliffe still keen to buy Man United as sale process drags on

MANCHESTER – British billionaire Jim Ratcliffe said he remains focused on completing a takeover of Manchester United as the battle to buy the Red Devils drags on.

Ratcliffe, founder of chemicals giant Ineos, is one of two leading candidates to take over the 20-time English champions, along with Qatari banker Sheikh Jassim bin Hamad Al Thani.

United owners, the Glazer family, are understood to value the English Premier League club at £6 billion (S$10.3 billion), with American bank Raine Group overseeing the bidding.

Deeply unpopular with supporters since they saddled the club with debt in a £790 million leveraged takeover in 2005, the Glazers appeared ready to cash out for an enormous profit when they first invited external investment in November.

However, the drawn-out process, even after three rounds of bidding, has left fans further frustrated that a takeover is unlikely to be completed in time for the start of the new season.

“We have a good offer. We have met the Glazers a couple of times and had a good conversation but, at the end of the day, it’s their decision,” Ratcliffe said at a book launch on Wednesday.

“We still very much would like to do it. I also believe we would do a good job and do it for the right reasons. We keep very focused on it.”

Sheikh Jassim’s bid team have promised to erase United’s £970 million debt and take control of 100 per cent of the club.

In contrast, Ratcliffe has reportedly sought to take a majority stake and could allow executive co-chairmen Joel and Avram Glazer to retain their stakes in United.

But Ratcliffe, 70, a boyhood United fan, said he would not seek to profit during his running of the club, with his returns to come from selling at a future date.

“They ain’t making them any more, Manchester United and these type of clubs,” he added.

“It’s like art or areas like that when you have special things and their value continues to pick up over time because they are very special and rare.

“I don’t like throwing money away or losing money. It doesn’t make me happy at all, but we aren’t there to make money out of it. If it’s a really good asset, it will increase its value over time.”

He also knocked down any suggestion that Ineos could be handed naming rights to Old Trafford.

“God no. That would be heresy,” he added.

The takeover situation has impacted United’s transfer plans this summer, with the club acquiring only Mason Mount from Chelsea so far. The England international signed a five-year contract with United on Wednesday for an initial fee of £55 million.

Erik ten Hag is keen on signing at least one goalkeeper and a centre forward but, with a reported transfer kitty of £120 million made available due to the takeover saga, United are forced to increase their transfer budget through player sales. That too, though, is proving tough to execute after United players earned a salary hike following the club’s qualification for next season’s Champions League.

Out-of-favour captain Harry Maguire is among the dozen of players expected to be shipped out. But his increased pay means he will measure any prospective move against the potential loss of earnings, as well as weighing up whether it would be the correct football decision for a centre-back who wishes to remain an automatic choice for England.

The Red Devils are hoping to offload the 30-year-old for £30 million to £40 million given his age, decline in form and the two years left on his contract, as they search for an elite goalkeeper and No. 9.

Last season’s Champions League finalist and custodian Andre Onana of Inter Milan and Atalanta striker Rasmus Hojlund have had positive talks with United, as the clubs look to work out deals.

Inter have just let Slovakian centre-back Milan Skriniar leave on a free transfer to Paris Saint-Germain on Thursday, with the 28-year-old agreeing a five-year deal with the Ligue 1 champions.

The French giants announced their second signing hours later, after forward Marco Asensio joined on a free transfer on a three-year deal from Real Madrid.

Both signings were announced a day after the club appointed Luis Enrique as coach to replace Christophe Galtier.

Real have been quick to replace Asensio, after they pounced on highly sought-after midfielder Arda Guler from Fenerbahce. The 18-year-old, who is already a Turkey international, signed with the La Liga giants for six years, the club said on their website. AFP, REUTERS