Manchester United bidder Jim Ratcliffe has lofty ambitions

Jim Ratcliffe has vowed to make Manchester United the "number one club in the world again" after confirming Ineos has launched a takeover bid.

Ratcliffe's Ineos company will compete with wealthy Qatari banker Sheikh Jassim Bin Hamad Al Thani, to acquire the Old Trafford club from the Glazer family.

Ratcliffe, 70, is one of the UK’s wealthiest people with an estimated net worth of £12.5bn following the success of his global chemical company.

"We can confirm that Sir Jim Ratcliffe and Ineos have submitted a bid for majority ownership of Manchester United Football Club," a statement from Ineos read.

"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 Manchester United anchored in its proud history and roots in the north-west of England, putting the Manchester back into Manchester United and clearly focusing on winning the Champions League."

Ratcliffe has previously said he is a lifelong United fan. He last year launched an unsuccessful bid to buy Chelsea.

Like Ratcliffe, Al Thani, chairman of Qatari bank QIB, claims to be a boyhood United supporter.

He has indicated his offer would leave the Old Trafford club debt-free, in contrast to the Glazer family’s controversial leveraged buy-out in 2003.