Sir Jim Ratcliffe dealt financial blow amid Manchester United takeover proposal

Manchester United takeover bidder and British billionaire Sir Jim Ratcliffe has been dealt a double financial blow amid his ongoing attempts to assume control at Old Trafford.

Proposals headed-up by Sheikh Jassim, from Qatar, and Sir Jim - via his INEOS company - have yet to be accepted by the Glazer family and United remain at a crossroads off the field. That means the Premier League giants are still being guided from the top by their much-maligned American owners.

Due to the red tape involved, Qatari banker Sheikh Jassim has remained silent since putting forward his offer but, during a rare interview, Sir Jim recently stated that failure is not an option for him as the Glazer family continue to mull over which one is their preferred option.

Following that sit-down chat, the 70-year-old - who grew up in Failsworth and has supported United all his life - has seen his two major chemical firms record net losses in the second quarter of 2023. However, that news is understood not to come as too much of a concern to the businessman.

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Reports from Bloomberg highlight that Sir Jim's two major chemical firms - INEOS Group Holdings SA and INEOS Quattro Holdings Ltd - recorded net losses in the second quarter of 2023. It's the first time that's happened at the two firms since 2020's second quarter.

However, bondholders are understood to be 'quite relaxed' about the situation as INEOS has reportedly built-up around €2billion (£1.7billion) in cash reserves. Speaking to The Mirror, a spokesperson for INEOS said: "The