Sir Jim Ratcliffe's Man Utd bid hides crucial detail that gives Qatar edge
Sir Jim Ratcliffe and INEOS have NOT promised to wipe Manchester United's existing debt, which may concern some supporters.
United have been put up for sale by owners the Glazers and received two confirmed bids ahead of last Friday's 'soft' deadline. One is from British billionaire and INEOS founder Ratcliffe, while the other is from Qatari banker Sheikh Jassim bin Hamad Al Thani.
As reported by Mirror Football, the Glazers are planning to leave behind £500million of debt at Old Trafford if they go through with the sale. Sheikh Jassim confirmed his bid is "completely debt free" in his official statement - but Ratcliffe did not follow suit.
According to The Athletic, Ratcliffe is not planning to lumber the club with any 'fresh debt' but has not promised to get rid of the existing debt. This is a contentious issue among United fans, who have heavily criticised the Glazers for plunging the club into debt.
It is believed United's net debt could be as high as £656m. If Ratcliffe's bid is successful, any future debt will be paid for by INEOS rather than the club. It is unlikely that United would be lumbered with the interest on this debt, although not impossible.
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Ratcliffe is not expected to take any money out of United - like the Glazers have done - and is influenced by his ambition to own a controlling share in his boyhood club. The billionaire wants to make it clear that any future debt will be his and INEOS' - not the club's.
Sheikh Jassim bin Hamad Al Thani's bid will be "completely debt free"Which bid are you backing? Let us know in the comments below!
United fans are divided on who they want as their new owners. Ratcliffe is a popular candidate due to his Greater Manchester roots and love of the club. Many supporters have wanted the local-lad-turned-billionaire to save them from the clutches of the Glazers.
Yet Ratcliffe's wealth does not compare to Sheikh Jassim's. He is the chairman of the Qatar Islamic Bank (QIB), which is ranked third in Forbes Middle East's top 30 most valuable companies in Qatar. Sheikh Jassim is also the son of a former Qatar prime minister.
Like Ratcliffe, Sheikh Jassim is a United fan. But, unlike Ratcliffe, he has promised to rid the club of all their debt. A lot of United fans are against Sheikh Jassim's bid due to Qatar's poor human rights record, which was highlighted by the recent World Cup.
But if Sheikh Jassim's bid is successful, United would not be the first Premier League club to have links to a state. Manchester City are owned by Emirati politician Sheikh Mansour, while a Saudi-backed consortium completed a takeover of Newcastle in October 2021.
While there are United fans who oppose the bid, there are equally those not concerned about the country's poor human rights record, with the success of their football club, which hasn't won the Premier League title since May 2013, a greater priority.
A statement read: "The bid will be completely debt free via Sheikh Jassim's Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience and the communities the club supports."
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