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Manchester United seemed ready for Qatar ownership, but Sir Jim Ratcliffe has made a big move in an attempt to pursue his own interest.
On Tuesday, The Peoples Person brought you the news that an independent group of investors from the Gulf state was determined to take over from the Glazers.
With claims of dazzling financial power, it seemed that Ratcliffe, the first to publicly declare his interest in buying United, had no chance of competing.
However, the INEOS founder will not go down without a fight and has enlisted the help of two of the biggest names in banking to advise him in his bid for the Red Devils.
According to reliable financial outlet Blomberg, both JP Morgan Chase & Co and Goldman Sachs Group Inc have been hired to help Ratcliffe put together a competitive offer that would divert interest from Qatari investors.
Blomberg reports that Wall Street banks are evaluating the feasibility of an offer for the club.
One would hope that if there is a way for Ratcliffe to put together an offer that comes close to the Glazers’ valuation, the banking giants would be tasked with helping him find it. On the one hand, JP Morgan and Goldman Sachs would be willing to cover the value of Manchester United’s current debt, which is around $800 million, as part of the offer.
The concern is, of course, that the INEOS chairman could well be ill-advised, particularly given that the asking price United’s current owners have put on the club far exceeds its market value.
With the added difficulty of competing against investors from the Gulf state and US consortiums, that could be a real concern for United fans.
Many would prefer a Manchester United fan who genuinely cares about the future of the club take over from the Glazers, which would make fans suspicious of American investment groups.
Meanwhile, questionable human rights records and concerns about ‘sports laundering’ would be a hard pill to swallow if the state of Qatar were involved.
Ratcliffe arrives without a care in the world, and his outspoken support of United and his repeated admission that they would be the sporting acquisition of his dreams make him the preferred candidate to succeed the Glazers in the eyes of many.
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