Sir Jim Ratcliffe says he cannot contemplate failure in the Manchester United sale saga because it would be “too excruciating”.
The Ineos owner reaffirmed his determination to buy as sources close to United’s American owners again denied claims the process has been shelved.
Nine months after United announced their “strategic review”, long delays have deepened fears among fans and within the banking sector that the Glazers are close to rebuffing offers.
Ratcliffe and Qatari banker Sheikh Jassim bin Hamad Al Thani, both of whom have lodged bids to buy the club, are still waiting to discover their next move.
However, in a video filmed to mark the petrochemical giant’s 25th anniversary, the British billionaire billionaire makes clear he is not giving up hope.
“You can’t really contemplate acquiring a brand like Manchester United and failing because the failure is just far too public and too excruciating,” said Ratcliffe.
United were originally targeting a sale by April but that soft deadline has long since passed and still the club, its fans and the bidders remain in the dark.
Ratcliffe, being interviewed for a promotional video filmed by Ineos, said he had learned from “difficult experiences” after buying French Ligue One club OGC Nice and Swiss Super League team FC Lausanne-Sport.
“The Manchester United bid would have been unthinkable two or three years ago if we hadn’t had some of the experiences, and quite a few of them difficult experiences with Lausanne and Nice,” he added.
While Ratcliffe has stood by the terms he offered in the third round of bidding, Sheikh Jassim, his main rival, went on to table a fourth and then fifth and supposedly final bid on June 7.
Ratcliffe, whose Ineos firm generates $61 billion (£48.7 billion) in revenue, has lined up financing from banks including Goldman Sachs Group Inc, while JPMorgan Chase & Co., Rothschild & Co. and Bank of America Corp. are among other banks advising or offering capital on a deal.
Billionaire Paul Singer’s Elliott Management has also put itself forward to help finance bids for the club, competing with rival investors including Carlyle Group Inc., Sixth Street Partners, and Ares Management Corp.
About 69 per cent of United is owned by the Glazers, the rest spread among multiple stakeholders who own shares listed in New York.
