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INEOS billionaire Sir Jim Ratcliffe has weighed in on whether the existing debt accumulated under Glazers will be wiped out if Manchester United succeed in their efforts to take over control at Old Trafford. Not yet revealed.
Ratcliffe confirmed in a statement released Saturday that he has submitted his proposal to take control of the club he has supported since childhood.
‘I want Manchester back to Manchester United,’ said the 71-year-old businessman.
Ratcliffe’s declaration also included his desire to run the Red Devils as a modern club that would be a beacon of English football.
Like Ratcliffe, Qatar’s Sheikh Jassim bin Hamad Al-Thani has also announced his participation in the bidding process to oust the Glazers and become the new manager of the club he has supported since the age of 10.
Al Thani’s statement included a promise to invest heavily in improving the men’s and women’s teams and the youth set-up.
Qatari officials are also committed to redeveloping Old Trafford and investing in the area.
A promise that stood out in Al Thani’s statement, which many fans liked, was that his bid would be debt-free and that his organization would wipe out the Red Devils’ existing debt.
Al Thani will wipe out its debt if the takeover attempt is successful, confirmed by Sky Sports reporter Kaveh Solhekol.
Qatar’s bid for Manchester United would wipe out all of the club’s debt. was funded by Net debt is still £515m. Qatar will pay it all off.
— Kaveh Solhekol (@SkyKaveh) February 19, 2023
According to Adam Crafton of The Athletic, INEOS will use debt facilities provided by Goldman Sachs and JP Morgan to help bid for United.
This debt to buy the 20-time English champions will be borne by INEOS, not by United as was the case with the Glazers acquisition in 2005.
Ratcliffe’s position on existing debt is not yet known, but according to Crafton, it’s safe to assume it will remain.
Crafton said: “INEOS has said it owes the necessary debt to buy the club, but has not said what will happen to existing United debt, which could remain. I’m guessing.
INEOS has said it has the necessary debt to buy the club, but has not said what will happen to existing United debt.
— Adam Crafton (@AdamCrafton_) February 20, 2023
On a purely financial basis, the issue could turn many United fans towards a bid for Qatar. It is a controversial issue for the supporters of