Manchester United

Jim Ratcliffe 'refusing to match Sheikh Jassim promise to wipe out Manchester United debts'

By Matt Law, Football Editor | 03 March 2023

Ratcliffe 'refusing to match Sheikh Jassim promise to wipe out Man United debts'

Jim Ratcliffe refuses to match Sheikh Jassim bin Hamad Al Thani's promise to clear Manchester United's debts, according to a report.

British billionaire Jim Ratcliffe is reportedly refusing to match Sheikh Jassim bin Hamad Al Thani's promise to clear Manchester United's debts.

Both Ratcliffe and Sheikh Jassim have made offers for the 20-time English champions, with the Glazer family signalling last November that they are open to a sale.

The bids from the two parties are thought to be in the region of £4.5bn, which is £1.5bn short of the asking price set by the Glazers, who could yet decide to pull the plug on a potential sale.

According to The Athletic, while Sheikh Jassim has made it clear that he will clear Man United's debts - believed to be around £1bn - if he becomes the club's new owner, Ratcliffe is not prepared to do the same.

The report claims that Sheikh Jassim is therefore at an advantage when it comes to the race to acquire the 20-time English champions.

Ineos chairman Sir Jim Ratcliffe arrives for the annual Red Cross Gala in Monte Carlo on July 18, 2022 © Reuters

Man United's prospective new owners will allegedly meet with the club over the next two weeks to discuss a takeover.

"The bid plans to return the Club to its former glories both on and off the pitch, and – above all – will seek to place the fans at the heart of Manchester United Football Club once more," read the statement from Sheikh Jassim's consortium when the offer was confirmed.

"The bid will be completely debt free via Sheikh Jassim's Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience and the communities the Club supports.

"The vision of the bid is for Manchester United Football Club to be renowned for footballing excellence, and regarded as the greatest football club in the world. More details of the bid will be released, when appropriate, if and when the bid process develops."

General view inside Manchester United's stadium Old Trafford before the match on January 10, 2023 © Reuters

Any sale is now allegedly unlikely to be completed before May at the earliest, but the club's proposed new owners would want to put a plan in place for the summer transfer window.

Co-owners Avram Glazer and Joel Glazer are said to be unprepared to drop their £6bn asking price.

Meanwhile, it has also been claimed that the duo are now in favour of keeping hold of the club, with Erik ten Hag leading the Red Devils to their first trophy in six years last weekend, beating Newcastle United 2-0 in the final of the EFL Cup.

Man United are also still in the Europa League and FA Cup, while they are third in the Premier League table, four points clear of fourth-placed Tottenham Hotspur with a game in hand.