British magnate Jim Ratcliffe of the Ineos Group has clarified to creditors that his chemical conglomerate won’t be involved in financing his intended bid for a stake in Manchester United, as reported by Bloomberg Business.
In a recent call meant to keep investors updated on Ineos Quattro’s business strategy and the chemical sector’s prospects, executives from Ineos Quattro – a subsidiary of the Ratcliffe-owned conglomerate – communicated that the company’s funds would remain untouched for this deal. Insiders revealed that Ratcliffe aims to use his own finances for the venture.
“Management categorically stated that Quattro’s liquidity would not be available to fund the private projects of Ineos Limited’s owners,” remarked the deputy head of Europe at Lucror Analytics, present during the teleconference.
Jim Ratcliffe, who boasts a net worth hovering around $16.8 billion as per the Bloomberg Billionaires Index, is speculated to be partnering with Ineos shareholders Andy Currie and John Reece for the prospective deal with the football giant.
However, amidst this assurance, two anonymous creditors of Ineos Quattro expressed reservations. Their concerns stem from the possibility that a Manchester United deal might lead to heftier dividend payouts if supplementary funds become requisite. Such apprehensions gain weight as the chemicals industry currently contends with escalating production expenses and subdued demand.
In response, an Ineos spokesperson emphasized the robustness of the group even amidst market challenges, stating they maintain a forward-looking stance on their operations. “It was made very clear on the call that we will not see dividends payments for the purchase of Manchester United, which has nothing to do with Ineos Quattro,” the representative elucidated.
“Any Manchester United transaction would come from sources of the owners.”
Alan
October 25, 2023 at 6:49 pm
The sooner Jim gets a foot in the door the better. Something has to change and Eric needs more help.
God
October 26, 2023 at 2:05 am
Need to have the board veto this and take Sheikh Jassim’s offer if he will return to the table. His project was by far the better option. Glazers = Greed