Sir Jim Ratcliffe is willing to walk away from Manchester United rather than pay "stupid prices" as the takeover process intensifies.
The Glazers put United up for sale in November and want at least £5billion for their shares, which amount to around 69 per cent. It is believed Ratcliffe and rival bidder Sheikh Jassim bin Hamad Al Thani offered between £4bn and £4.5bn in their opening bids.
United chiefs invited INEOS founder Ratcliffe and Qatari banker Sheikh Jassim to Old Trafford last week to discuss the takeover in more detail. It is understood both parties will submit new offers for the club, but Ratcliffe appears to be unwilling to break the bank.
Ratcliffe was asked about his takeover bid in an interview with the Wall Street Journal. He replied, "How do you decide the price of a painting? How do you decide the price of a house? It’s not related to how much it cost to build or how much it cost to paint."
Tellingly, Ratcliffe added, "What you don’t want to do is pay stupid prices for things because then you regret it subsequently."
That contrasts to the stance of Sheikh Jassim. According to Sky Sports, the Qatari banker is willing to overpay for the Premier League club - such is his desire to take charge.
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Sheikh Jassim and Ratcliffe are making very different bids for the Red Devils. Sheikh Jassim wants to purchase 100 per cent of the club and wipe off their existing debt, valued at around £515million. Ratcliffe wants to purchase the Glazers' shares - which is a controlling stake - and has promised to not lump any more debt on the club.
Although Ratcliffe doesn't want to pay a "stupid" amount for United, he might have to. The Glazers are under no pressure to sell - despite protests from fans - and it is believed two of the siblings - Joel and Avram - are not totally convinced on saying goodbye.
The Glazers insisted they would consider a number of strategic options when they put United up for sale - "including new investment into the club". As such, there is a chance they will sell just a fraction of their shares to raise some much needed cash.
Old Trafford and United's Carrington training ground are in need of investment, while manager Erik ten Hag will be after some funds in the transfer market. Ratcliffe and Sheikh Jassim will need to consider these important factors with their next offers.
Although Ratcliffe's takeover hopes hang in the balance, he has promised to position United as a "community asset" and stated his desire for success on the pitch. "Our interest in that club would be purely in winning things," added the British billionaire.
Ratcliffe, who owns a huge sporting portfolio under his INEOS company, has also promised to treat United differently to his other business assets. "That in a sense goes without saying, because sport is emotional," Ratcliffe said when asked.
