INEOS confirm Sir Jim Ratcliffe Manchester United takeover bid

Chemical giant INEOS has confirmed that Sir Jim Ratcliffe has submitted a bid to secure 'majority ownership' of Manchester United.

Potential buyers were asked to submit their offers ahead of Friday evening's 10pm 'soft deadline', as set out by the Raine Group, who are overseeing the sale of United on behalf of the Glazer family. Shortly before the deadline, it was confirmed that Qatari banker Sheikh Jassim bin Hamad Al Thani had submitted an official proposal.

Ratcliffe, who is from Greater Manchester, was also widely reported to have submitted a formal offer, as was expected. He confirmed that he would be entering the bidding process last month.

READ MORE: Who is Sheikh Jassim bin Hamad Al Thani? Qatari banker behind United offer

A little over 12 hours on from the deadline, INEOS - the chemical giant founded by Ratcliffe - has confirmed that they have tabled a bid, in which they have plans to secure 'majority ownership' of the club. They have also set a target of winning the Champions League if they are to win the bidding race.

A statement released by INEOS said: "We can confirm that Sir Jim Ratcliffe and INEOS have submitted a bid for majority ownership of Manchester United Football Club.

"We would see our role as the long-term custodians of Manchester United on behalf of the fans and the wider community.

"We are ambitious and highly competitive and would want to invest in Manchester United to make them the number one club in the world once again. We also recognise that football governance in this country is at a crossroads.

"We would want to help lead this next chapter, deepening the culture of English football by making the club a beacon for a modern, progressive, fan-centred approach to ownership.

"We want a