British billionaire Sir Jim Ratcliffe met with executives at Manchester United Friday for talks about a potential sale of the famous soccer club.
Ratcliffe arrived at the club’s Old Trafford stadium on Friday morning, where he was met by Manchester United Chief Executive Richard Arnold. The chief executive of the chemical giant Ineos was in Manchester to receive a presentation on the potential sale process. After visiting Old Trafford, Ratcliffe went to the club’s Carrington training facility, where he shook hands with Manchester United Manager Erik ten Haag, according to The Mirror.
Shares of operator Manchester United Ltd.
MANU,
rose 1.8% Friday, compared with the S&P 500 Index’s
SPX,
decline of 1%. Manchester United’s stock is down 5.2% this year, compared with the S&P 500’s gain of 2.1%.
Related: Prospective Manchester United owners set to meet with club, report says
The billionaire’s sporting links are strong: Ratcliffe, who ranks 27th on the Sunday Times Rich List, already owns the French Ligue 1 soccer club OGC Nice and the Ineos Grenadiers professional cycling team. Born in Greater Manchester, he is also a lifelong United fan, according to the Manchester Evening News.
Representatives of Sheikh Jassim Bin Hamad Al Thani, who has launched a rival bid for Manchester United, visited the club Thursday to receive their presentation. Sky Sports reports that Sheikh Jassim’s representatives spent 10 hours at the club.
The American Glazer family took control of Manchester United in 2005. The club had a calculated value of $4.6 billion in 2022, according to Forbes.
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In November, the Glazers confirmed they were exploring potential financial investment or an outright sale of the storied Premier League club. The owners want at least $6.08 billion, according to the Telegraph.
If the Glazer family wants to proceed with a sale, Ratcliffe wants to buy their full 69% shareholding, according to the BBC. Sheikh Jassim is bidding for 100% of the club.
American investment group Elliott Management Corp., which previously acquired Italian giant A.C. Milan, is also prepared to step into the Manchester United sale. While Elliott has no interest in buying the club, it is willing to provide financing to a bidder. Citing a person familiar with the matter, the Wall Street Journal reported that Elliott isn’t currently aligned with any particular bidder.
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Elliott Management declined to comment when contacted by MarketWatch this week.
The Glazers have come under intense pressure to sell the iconic English football club amid ongoing fan frustration over what is seen as underperformance. The club, one of the biggest names in world soccer, last won the Premier League in 2013. In 2021, the Glazers faced major backlash from fans over planned involvement in the controversial European Super League.
The club did clinch its first silverware in six years last month, with a 2-0 defeat of Newcastle United in the League Cup final.
Manchester United is the most successful team in the English top division, which it has won 20 times. A record 13 of those titles have come in the Premier League era, which began in 1992. Founded as Newton Heath in 1878, the club became Manchester United in 1902 and won the first of its 20 league titles six years later.
