- Sir Jim Ratcliffe claims he will not pay ‘stupid’ money to buy Manchester United
- The INEOS CEO is one of the contenders to buy the club from the Glazer family
- Five new bids for Premier League giants are expected imminently, claim reports
- Prospective owner Sir Jim Ratcliffe says he will not pay a ‘stupid’ price for Manchester United, amid reports that multiple revised bids are expected on Wednesday.The INEOS chief executive and Qatari Sheikh Jassim bin Hamad Al Thani are in the running to buy the Premier League giants, with the despised Glazer owners ready to cash in after two weeks of visits from interested groups.
Ratcliffe and his team held talks with United last Friday during a visit to Old Trafford stadium and the Carrington training complex, with meetings finishing at around 4pm, according to Sky Sports.
He was photographed outside the historic ground, unlike Sheikh Jassim, who did not visit Manchester in person – though Sky add that US sources indicated talks between the Qatari delegation and the Red Devils went well.
In an interview with the Wall Street Journal, 70-year-old Ratcliffe said: ‘How do you decide the price of a painting? How do you decide the price of a house? It’s not related to how much it cost to build or how much it cost to paint.+3View gallery
Sir Jim Ratcliffe (pictured) has insisted he will not pay a ‘stupid’ price for Manchester United
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The INEOS CEO is one of the contenders to launch a takeover for the Premier League giants
‘What you don’t want to do is pay stupid prices for things because then you regret it subsequently.’
However, Ratcliffe, who already owns French top-flight club Nice, said his interest in United would be ‘purely in winning things’, calling the club a ‘community asset’ as opposed to a financial one.
The secondary stage of the bidding war is now set to begin, with prospective owners asked to make ‘non-indicative’ second offers, with Sky reporting more than five and possibly as many as eight bids could be submitted before Wednesday evening’s deadline.
These are more formal than the opening bids, and are reportedly expected to be higher than initial valuations, which are not believed to have surpassed £4.5billion – £1.5bn less than the Glazers value United.
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Qatari banker Sheikh Jassim bin Hamad Al Thani is also in the running to buy United
That is a significant margin unlikely to be made up in the next stage of the process, but it could mean the US-based Raine Group negotiating the deal could decide on the ‘preferred bidder’ by Friday or the beginning of next week, according to The Sun, once the secondary bids are assessed after Wednesday’s deadline.
Due diligence could then begin, though it is still up in the air given the sizeable distance in valuations.
It was announced in November that United’s owners, the Glazer family, were conducting a strategic review and that a sale was one option being considered.
Sky state the American family will sell up but only for what they feel is the right price, and if it is not met, they will invest money into the club to reduce its debt and make it a more marketable asset.
They could yet seal a minority ownership deal and remain in charge, particularly given the success on the pitch this season under new manager Erik ten Hag, and given the club is very rarely up for sale.
Sir Jim Ratcliffe insists he won't pay a 'STUPID' price for Manchester United as Glazers hold out for £6bn… with 'takeover contenders set to submit new bids TOMORROW'
