Billionaire Ratcliffe interested in buying Manchester United — source

DUBAI: British billionaire Jim Ratcliffe is interested in buying Manchester United, a source familiar with the matter told Reuters after Elon Musk said his plan to buy the Premier League club was all part of “a long-running joke.” Musk, the world’s richest person, said on Tuesday night on Twitter that he wanted to buy England’s most successful club before clarifying that it was a joke and that he had no interest in purchasing any sports teams. The club’s owners, the American Glazer family, are under pressure with United sitting bottom of the Premier League after two games of the season. Bloomberg reported they would consider selling a minority stake, opening the door for Ratcliffe.

A source close to Ratcliffe said the billionaire was a potential buyer as he wants to help rebuild the team. The Times first reported Ratcliffe’s interest on Wednesday. It is unclear if the interest would result in any deals.

The Glazer family is not ready to concede the controlling stake in Manchester United and has an expectation of valuing the club at more than double its current market cap of $2.2 billion, another source said. In May 2022, Chelsea Football Club was sold to a consortium led by an investment group led by Todd Boehly and Clearlake Capital for $3.2 billion (2.5 billion pounds). The Glazers have been the target of intense criticism for their failure to invest in the team who have not won a trophy in five years.

United’s net debt had grown 11 percent to about 496 million pounds ($598 million) by the end of March. The owners have also been criticized for not improving the Old Trafford stadium, the biggest club ground in the country with a capacity of around 75,000 fans. Ratcliffe, head of chemical company INEOS, is from the