Explainer: Jim Ratcliffe - who is the INEOS founder bidding for Manchester United?

INEOS, the company owned by Jim Ratcliffe, a British billionaire and long-time Manchester United fan, has formally entered the bidding process to buy the Premier League soccer club.

Jim Ratcliffe, 70, was born in Failsworth in Greater Manchester.

He founded the INEOS chemicals group in 1998 and is the company's chairman and chief executive officer with a two-thirds stake.

According to Forbes, he has a net worth of US$15.5 billion, making him the 112th-richest person in the world and one of Britain's most wealthy businessmen.

Ratcliffe is the first potential bidder to publicly declare an interest in purchasing Manchester United.

In August, Reuters reported that Ratcliffe had expressed an interest in buying United.

Last year, Ratcliffe failed in an attempt to buy London soccer club Chelsea, which was purchased by an investment group led by American Todd Boehly and Clearlake Capital.

INEOS Group Limited is a British multinational chemicals company headquartered and registered in London.

The name INEOS was derived from INspec Ethylene Oxide and Specialities, a previous name of the business.

As of 2021, it is the fourth-largest chemical company in the world.

The BBC reported INEOS generates sales of around 50 billion pounds (US$62 billion) and employs more than 26,000 people.

According to the company's website, INEOS comprises 36 businesses with 194 sites in 29 countries throughout the world and also encompasses consumer brands and sports interests.

Its raw materials are used in packaging for toiletries, medicines and food, mobile phones and furniture.

The chemical firm has for a long time been involved in the world of sports, with links to Formula One, cycling, sailing, soccer and rugby.

INEOS is the principal partner to eight-times F1