Jim Ratcliffe could have a major say in Manchester United if he buys a minority stake in the club
British billionaire Jim Ratcliffe is trying to buy a minority stake in Manchester United and that could give him a major say in the running of the underperforming club
MANCHESTER, England — If British billionaire Jim Ratcliffe is successful in his attempt to buy a minority stake in Manchester United, he could end up with a major say in the running of the underperforming club.
The owner of petrochemicals giant Ineos is ready to invest in the storied English soccer club after rival Sheikh Jassim bin Hamad Al Thani of Qatar said over the weekend he was withdrawing from the bidding process.
Ratcliffe is trying to buy a 25% share of United and also wants to run soccer operations, a person with knowledge of the proposal told The Associated Press.
The person spoke on the condition of anonymity because they were not authorized to comment publicly.
United's American owners, the Glazer family, in November announced plans to seek outside investment that could have resulted in the sale of the 20-time English league champions.
Ratcliffe initially bid for the family's controlling stake of about 69%, while Qatari banker Sheikh Jassim wanted 100% of the club.
With the process dragging on beyond an expected completion date of June, Ratcliffe has adjusted his offer and that could pave the way to him becoming a co-owner of the club he has supported since he was a child.
THE PROPOSAL
Ratcliffe's bid would mean the Glazers, who also own the Tampa Bay Buccaneers, remain in control of United. But if he is given responsibility of running the sporting side of the business, it would give him a real opportunity to improve the team's performance on the field.
United has not won a league title since former manager Alex Ferguson retired in 2013.
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