Last year, the Glazer family, owners of Manchester United, announced their intention to sell the iconic football club.
Since then, developments have thrown the sale into uncertainty.
One of the potential buyers is Sir Jim Ratcliffe’s INEOS group.
In fact, the British businessman commented on their bid in a recent video shared on their YouTube channel by the company.
However, a new report on Sir Jim’s business shares details on a financial setback for INEOS that could affect their plans for Manchester United Football Club moving forward.
According to Bloomberg, the chemical market, where INEOS make the majority of their money, is facing a recession.
Both of Sir Jim’s two major chemical firms – Ineos Group Holdings SA and Ineos Quattro Holdings Ltd – swung to net losses in Q2 2023 as supply outstripped demand.
This means that it’s likely that Sir Jim will have to forego paying himself a large dividend – which could hurt his spending power when it comes to buying United.
This could cast doubt on Sir Jim’s bid moving forward.
The Glazers have reportedly upped their asking price to a staggering £10 billion, with the condition that the buyer takes on £1 billion of debt. This move has raised questions about the affordability of the club.
Qatar’s Sheikh Jassim bin Hamad Al Thani is also vying for ownership.
As the bidding war intensifies, the outcome remains uncertain.