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Local boy Jim Ratcliffe uses personal touch to step up bid to buy Manchester United


Ineos chairman Jim Ratcliffe is pictured at Old Trafford in Manchester yesterday. Photo: Reuters

Ineos chairman Jim Ratcliffe is pictured at Old Trafford in Manchester yesterday. Photo: Reuters

Ineos chairman Jim Ratcliffe is pictured at Old Trafford in Manchester yesterday. Photo: Reuters

Jim Ratcliffe stepped up his Manchester United takeover bid with an enthusiastic appearance at Old Trafford as he attempts to win over the Glazers.

The British billionaire spoke to manager Erik ten Hag and was pictured being welcomed by chief executive Richard Arnold after flying in for talks. He hopes his decision to appear in person gives him an edge on the rival Qatari bid as the sale process intensifies in the coming days.

The last of eight days of meetings with interested parties takes place early next week. Second detailed bids will then be sent to New York brokers as soon as Wednesday.

The two leading candidates are understood to remain as determined as ever, leaving the Glazers optimistic their £5billion-plus (€5.6bn) asking price is now within reach. Every bidder is understood to have been told they will need to overpay on stock-market values based on United’s enterprise value. Offers tabled next week will remain indicative as proper due diligence will be required as candidates are whittled down again.

Ratcliffe was flanked by his Ineos sporting team as he arrived the morning after the Qatari rival bid had also spent the day at the stadium and Carrington.

David Brailsford – the former British Cycling chief who is now director of sport at Ineos – was also in attendance, with Ineos co-owners Andy Currie and John Reece. Ineos Sport chair Rob Nevin and Jean Claude Blanc, who joined Ineos Sport as chief executive only last month, were also there to listen to presentations on “opportunities and challenges” at the club.

Ten Hag met Ratcliffe at the club’s training ground, but, ahead of the club’s FA Cup quarter-final with Fulham tomorrow, the manager played down the significance of the meeting.

“I just met them, we shook hands,” said Ten Hag. “But I’m focused on the game . . . Others at the club are dealing with potential investors.”

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The stakes were high for Ratcliffe after Sheikh Jassim bin Hamad Al Thani’s delegation left Manchester optimistic about their takeover hopes. The rival pair have taken differing approaches in the delegations they are sending to meetings with brokers and the club.

Sheikh Jassim did not attend in person. The Qatari group in Manchester included Shahzad Shahbaz, who is president of the newly created NineTwo foundation, Fady Bakhos, a senior personal adviser to the Sheikh, Sam Powers, a global head at Bank of America, Yasir Shah, managing director at Bank of America, and lawyers from firm Macfarlanes.

Only the Qatari and Ineos bids have publicly disclosed their preference for a total buyout of the six Glazer siblings’ controlling class B shares. Sources say there are two other parties interested in buying the club in its entirety.

Financial experts for bidders are now examining United’s accounts as they finalise second bids. Meetings also took place with Raine, the merchant bank running the process, and the Glazers’ financial advisers Rothschild in Manchester.

Insiders have said that the Glazers, whose 18-year ownership of United has been marred by protests and fan fury, remain “determined sellers” at the right price.

A small group of fans held up “Glazer Out” banners at Carrington as the Ineos group were shown the training ground. One of the flags also had “Qatar In” emblazoned in marker pen. 

Telegraph Media Group Limited [2023]

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