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HomeBusinessThere has been a record takeover offer for Manchester United Football Club

There has been a record takeover offer for Manchester United Football Club

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In England, Manchester United Football Club (MANU) could set a new record valuation of over £5 billion thanks to an offer from British billionaire Sir Jim Ratcliffe.

According to the Financial Times, which quotes unnamed sources, Ratcliffe, the creator of the Ineos chemicals empire, is competing with Qatari businessman Sheikh Jassim bin Hamad al-Thani for the takeover.

Before Wednesday at 9 p.m. U.K. time, both bidders will likely present their offers to the Glazer family, who owns the club. Ratcliffe’s offer is worth it even with the debt.

OGC Nice, a French football club; a third of the Mercedes Formula One team; the Grenadiers, a professional cycling team; all are sports assets that Ratcliffe already controls.

United was acquired by the Glazer family in 2005 in a £790 million leveraged acquisition orchestrated by Malcolm Glazer’s sons.

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After the £2.5 billion buyout of Chelsea FC, the Glazer family announced in 2021 that they would contemplate selling United as part of a strategic review that would also involve raising capital or finding partners to invest in Old Trafford.

A number of financial institutions are vying for a chance to acquire a minority share in Manchester United. Manchester United is worth $4.2 billion and owes about $700 million in total.

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