British billionaire wants to buy Manchester United

It has been reported that British billionaire Jim Ratcliffe, head of chemical company Ineos, has confirmed that he wants to buy the Manchester United club from the Glazers.

"We are officially involved in the process," said a spokesman for the billionaire.

There is now a formal procedure for registering potential buyers and Ratcliffe was the first to do so.

Bids are also pending from investors in the US and the Middle East. Parties interested in buying the club must review confidential financial documents and conduct due diligence before a potential purchase is made.

Formal bidding is expected to begin next month and United will have a new buyer before the end of the season.

Manchester United's current owners want around £5 billion from the sale.

P.S. Forbes estimates Jim Ratcliffe's fortune at $16.3 billion.