To The Moon

$Manchester United PLC(MANU)$ 

A consortium led by a Qatari banker is leading the chase to buy Manchester United, with British billionaire Jim Ratcliffe joining the race after confirming his bid for the Premier League club on Saturday.

Shaikh Jassim bin Hamad al Thani confirmed his submission of a bid for “100 per cent of Manchester United Football Club” ahead of Friday’s “soft” deadline for offers.

Ratcliffe had already expressed interest in United several weeks ago and his Ineos company followed the Qatari offer by officially submitting their own bid.

The 70-year-old is keen to expand a sporting portfolio that already includes French side Nice and Swiss team FC Lausanne-Sport, as well as the cycling team Ineos Grenadiers, formerly Team Sky.

“We can confirm that Sir Jim Ratcliffe and INEOS have submitted a bid for majority ownership of Manchester United Football Club,” Ineos said in a statement.

Ratcliffe, born in Failsworth, Greater Manchester, is one of Britain’s wealthiest people, with an estimated net worth of £12.5 billion ($15 billion) following the success of his global chemical company.

The boyhood United fan, who made an unsuccessful bid to buy Chelsea last year, has vowed to restore the Old Trafford club to their former glory after 10 years without a Premier League title triumph.

“We would see our role as the long-term custodians of Manchester United on behalf of the fans and the wider community,” the Ineos statement said.

“We also recognise that football governance in this country is at a crossroads. We would want to help lead this next chapter, deepening the culture of English football by making the club a beacon for a modern, progressive, fan-centred approach to ownership.

“We want a Manchester United anchored in its proud history and roots in the North-West of England, putting the Manchester back into Manchester United and clearly focusing on winning the Champions League.”

The statement from Shaikh Jassim, Chairman of Qatar Islamic Bank (QIB), did not give any details on the amount proposed in the bid for United.

The bid will be “completely debt free” via Shaikh Jassim’s Nine Two Foundation, which will “look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience and the communities the club supports”.