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Sir Jim Ratcliffe has suffered a major blow in his bid to complete a Manchester United takeover after learning INEOS’ latest financial results, according to reports. The Glazer family are yet to confirm a preferred outcome to the 10-month process, but Ratcliffe has been struck by unwelcome news in his battle against Sheikh Jassim bin Hamad Al Thani.
According to the Mirror, Ratcliffe’s two chemical giants recorded net losses in the second quarter of 2023.
It’s the first time INEOS Group Holdings SA and INEOS Quattro Holdings Ltd have suffered net losses since the second quarter of 2020.
An INEOS spokesperson said: “The chemical sector, closely tied to global GDP, experienced robust growth post-COVID but now mirrors economic trends and interest rates, impacting demand.
“Despite this, the fundamentals of INEOS’ business remain strong, and the underlying strength of the sector – which enables our everyday lives through the production of materials critical to healthcare, technology, construction and more – endures.”
The report adds that INEOS figures are relaxed over the situation, with each firm said to have over £1.7billion in cash reserves.
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But it will undoubtedly be a concern against the financial might of Sheikh Jassim’s Qatari bid, should the Glazers opt to relinquish control at Old Trafford.
Ratcliffe hopes to secure a majority stake in United, which could see Joel and Avram Glazer retain some control.
Sheikh Jassim is eyeing a 100 per cent sale and has pledged to clear United’s debt and significantly invest in Old Trafford, the club’s training facilities, playing staff and wider infrastructure.
Earlier this month, Ratcliffe insisted that failure wasn’t an option in an interview on INEOS’ YouTube channel.
He said: “The Manchester United bid would have been unthinkable two or three years ago if we hadn’t had some of the experiences – some quite difficult experiences with Lausanne and Nice.
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“You can’t really contemplate acquiring a brand like Manchester United and failing because the failure is just far too public and excruciating in a deal like that.”
But the longer the Glazers delay a decision, the more fears over the prospect of the American family staying put grow.
Joel, Avram and their four siblings have been overwhelmingly unpopular figures among fans since the family’s controversial 2005 takeover.
And Ratcliffe’s double financial blow could increase the probability of minority investment at Old Trafford unless the Glazers’ hefty £6bn valuation is met.
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