I want to buy Manchester United, says billionaire Jim Ratcliffe as club lurches through crisis

A spokesman for the Ineos billionaire confirmed that Ratcliffe, 69, would welcome the chance to talk to the club’s American owners. “If the club are for sale, Jim is definitely a potential buyer,” the spokesman said.

Ineos was reacting to a Bloomberg story which claims the Glazers are considering selling a minority stake in the club, with the news prompting a sharp rise in the share price even as the team struggles at the bottom of the Premier League table after a terrible start to the Erik ten Hag era.

Ratcliffe tends to seek full control of the businesses he buys, and has the means to do so, but would be willing to discuss a minority holding with the Glazers if it were part of a plan to take control at a later date.

“If something like this was possible, we would be interested in talking with a view to long-term ownership,” the spokesman added.

The Glazers have come under fierce criticism from United fans, especially as the team has plunged into crisis amid chaotic player recruitment, but Ineos is willing to explore opportunities. Ratcliffe’s spokesman said that fresh investment into the club could be used to help upgrade infrastructure, including the Old Trafford stadium which is in need of a major overhaul and modernisation.

“This is not about the money that has been spent or not spent. Jim is looking at what can be done now and, knowing how important the club is to the city, it feels like the time is right for a reset,” the spokesman added.

While shares in United are available on the New York stock exchange, they come with diluted voting rights.

It remains to be seen if the Glazer family would allow any new investors to have a say in how the club is run.

Ratcliffe, who is a United fan, failed with a late bid for Chelsea in May but made it clear that he is interested in controlling a Premier League team.

Ineos already owns Nice in France’s Ligue 1 and has been investing heavily, with signings including Kasper Schmeichel and Aaron Ramsey. The club have also made a £10 million bid for the Blackburn striker Ben Brereton Diaz, with a view to reaching the Champions League.

That could lead to complications if it took control of another club in European competition, though a source said it might look at different ownership structures in that eventuality.

A Bloomberg report said that while the Glazers have had preliminary discussions about bringing in new investment, they are not ready to sell the club, which could be valued at as much as £5 billion.

United fans have long protested about the Glazers’ ownership and their management of the club has been further called into question after a disastrous start to the new season. The Glazers bought United in 2005 in a leveraged buyout that saddled the club with massive debts.

United supporters’ anger towards the Glazers is compounded by a perceived lack of investment in infrastructure - namely Old Trafford and the club’s Carrington training base - and years of mismanagement and poor recruitment that has led to the club falling behind their rivals. The Glazers were also supporters of the failed European Super League project in April which would have led to United joining a breakaway competition.

The news comes after Elon Musk, the world’s richest man, joked on social media that he was going to buy United.

“I’m buying Manchester United ur welcome,” Musk tweeted, generating hundreds of thousands of likes from fans who blame the club’s ownership for their woes on and off the pitch. One user replied: “You have absolutely no idea the sheer amount of hope you just have given to a million fans worldwide. Please do buy us though.”

Musk, 51, the chief executive of Tesla and SpaceX, offered no details and confirmed about five hours later that he was joking. He tweeted in reply to questions: “No, this is a long-running joke on Twitter. I’m not buying any sports teams.” He added: “Standup is my side hustle.”

Musk is trying to terminate his agreement to buy Twitter. The social media company is suing him to complete the deal.

Musk’s tweets about potential acquisitions have landed him in trouble with US regulators in the past. In 2018, he tweeted that there was “funding secured” for a dollars 72 billion (£60b) deal to take Tesla private, but did not move ahead with an offer. Musk and Tesla each paid civil fines of $US20 million and he quit as chairman to resolve claims by the US Securities and Exchange Commission that he defrauded investors.

-The Times

Originally published as I want to buy Manchester United, says billionaire Jim Ratcliffe as club lurches through crisis