By Sam Boughedda
Sir Jim Ratcliffe's Ineos wants to buy Manchester United Ltd (NYSE:MANU) and has entered the bidding process, according to The Times on Tuesday.
The report, which Sky Sports in the UK has also confirmed, stated that Ratcliffe, one of Britain's richest men, has confirmed that he is officially in the running to buy the club from the Glazers, with a spokesperson quoted by The Times as saying Ineos has "formally" put itself into the process.
The club is expecting bids from the U.S., the Middle East, and Asia, but Ratcliffe is the first to publicly confirm.
Ineos is already heavily involved in the sports and soccer world, owning OGC Nice in France and Swiss club FC Lausanne-Sport, along with various other sporting ventures.
The parties interested in Manchester United have to register to view confidential financial documents and commit to undertaking due diligence before a possible takeover, with formal bids expected to begin next month.
It means the club could have new owners by the end of the current season.
Back in November, the Glazer family announced it was "commencing a process to explore strategic alternatives" for the club, resulting in its share price surging. Its stock is now up over 59% in the last 12 months.
The club stated it is looking at options "including new investment into the club, a sale, or other transactions involving the company."