James Radcliffe lines up Wall Street banks to finance Manchester United bid
James Radcliffe lines up Wal...
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James Radcliffe lines up Wall Street banks to finance Manchester United bid

10 February 2023
2208
2 min.
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James Radcliffe lines up Wall Street banks to finance Manchester United bid

Manchester United could be bought by James Ratcliffe

Owner of chemical concern Ineos, British billionaire James Ratcliffe is in talks with US banks JPMorgan Chase and Goldman Sachs to support a bid to buy English football club Manchester United.

The Glazer family, which owns Manchester United, expect to sell the club for between £6bn and £8bn. The deal could require the British tycoon to invest heavily. His fortune is estimated at $13 billion. Wall Street are known to be willing to take on the club's debt, which currently exceeds £500m.

Moreover, Manchester United shares rose in New York this week on reports that wealthy Qatari investors are planning to buy the entire club.

James Ratcliffe is the only one who has publicly announced his intention to buy the team. According to media reports, at least five potential buyers are willing to give over £5bn for the club. Among them are investors from Qatar, Saudi Arabia and the USA.

On November 23, 2022 it was reported that Manchester United's board of directors began the process of exploring strategic alternatives for the club, including its sale.

It is worth noting that JPMorgan came under criticism in 2021 when it was revealed that the bank was backing plans for a breakaway Super League in Europe. The proposal, devised by many of European football's biggest clubs, was quickly rejected, subjected to harsh ridicule from fans, leagues and politicians.

This week consultancy A22 Sports Management published a set of principles under which a revised Super League could operate.

American entrepreneur Malcolm Glazer began buying up Manchester United shares from 2003, which had been in free float since 1990. By October 2004, he owned more than 30% of the club, and in May the following year he managed to acquire a controlling stake.

Malcolm Glazer then increased his shareholding to 75%, which allowed him to change the status of the club from a public limited company to a private company and take the shares out of circulation. The Glazers' control of Manchester United drew sharp criticism from fans, who still insist that the club should change ownership.

Persons2 and Companies3 in the news

Chief executive officer at INEOS
1 place
American businessman
2 place
Goldman Sachs
1 place
JPMorgan Chase
2 place
INEOS
3 place
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