Manchester United to be acquired by Ineos
According to a Saturday report in The Times, Jim Ratcliffe’s chemical business, Ineos, has won the contest to buy Manchester United, outbidding a Qatari consortium led by Sheikh Jassim bin Hamad al-Thani. Although the exact figures of the bid have not been made public, sources indicate that Ineos is the only bidder who has valued the football club at more than £5 billion, which equates to roughly $6.20 billion or Rs 51,400 crore.
Manchester United is one of the most valuable sports franchises in the world, with a massive worldwide fan base and a track record of success on the field. Since 2005, the club has been owned by the Glazer family, a family of American billionaires, and they have been under growing criticism from members.
Ineos is no stranger to the realm of sports ownership, having purchased Team Sky and renamed it as Ineos Grenadiers, as well as owning the French football club OGC Nice. Jim Ratcliffe, the founder and chairman of Ineos, is an avid sports fan who has previously expressed his intention to develop a “world-class” sports team under the Ineos name.