The race to become the new owner of Manchester United PLC warmed up today as Sir Jim Ratcliffe's firm, Ineos, officially entered the fray to buy the Premier League club.
Ineos said it had registered its interest with the merchant bank running the sale for the Glazer family, an announcement that makes it the first potential bidder to go public.
“We have formally put ourselves into the process,” a spokesperson for Ineos, a petrochemicals and fracking company, told the Times.
READ: Manchester United expects bids 'imminently' - report
The formal process of bidding for United is expected to start next month, with interest from the United States, the Middle East and Asia also expected.
At this stage, parties have to sign up to see confidential financial documents and commit to undertaking due diligence before a possible takeover.
United’s owners the Glazer family said in November that they were considering selling the club as they "explore strategic alternatives" and are hoping to net more than £5 billion for the club.
Ratcliffe, one of the UK’s richest men, tried to buy United’s rival, Chelsea, last year despite being a life-long United fan.
Senior United figures want to complete a deal, which is being advised by US investment firm Raine Group, before the end of the season at the latest.
Contact Jeremy at jeremy@proactiveinvestors.com