British billionaire Sir Jim Ratcliffe is tapping some of the world’s largest banks to back his bid for Manchester United.
Bloomberg reports that Ratcliffe is working with Goldman Sachs and JPMorgan as he prepares for some exceptionally well-heeled competition. Ratcliffe has a net worth of around $16.1 billion.
- The banks are ready to issue bonds and loans to back Ratcliffe’s bid.
- They would cover Manchester United’s debt of around $800 million.
- The team’s owners, the Glazer family, were initially seeking around $7.3 billion for the Premier League club. A price of $5.5 billion is believed to be more realistic.
Bids are due by Feb. 17. The sale is being handled by merchant bank Raine, which also managed last year’s sale of Chelsea.
Qatar Cuts In
A group of investors from 2022 World Cup host Qatar are reportedly preparing a bid intended to top all others by a wide margin.
The group is separate from the state-owned Qatar Sports Investments, which owns Paris Saint-Germain. QSI has looked into making a play for Manchester United, Liverpool, or Tottenham Hotspur, according to Bloomberg.
Liverpool owners Fenway Sports Group had been exploring a sale, but may opt instead to sell a stake in FSG to raise more than $1 billion.
