Manchester United Takeover: Sir Jim Ratcliffe Confirms Bid

British billionaire Sir Jim Ratcliffe and his petrochemicals firm Ineos have confirmed their bid for "majority ownership" of Manchester United.

The Glazers Family who opened themselves up to offers for the Premier League giants they took over in 2005 are said to be seeking around £6bn to sell the club in its entirety.

Ineos said its reason for a takeover is to make the club a "beacon for a modern, progressive, fan-centred approach to ownership."

"We would see our role as the long-term custodians of Manchester United on behalf of the fans and the wider community.

"We are ambitious and highly competitive and would want to invest in Manchester United to make them the number one club in the world once again," the company said in a statement.

It added: "We also recognise that football governance in this country is at a crossroads. We would want to help lead this next chapter, deepening the culture of English football by making the club a beacon for a modern, progressive, fan-centred approach to ownership.

"We want a Manchester United anchored in its proud history and roots in the North West of England, putting the Manchester back into Manchester United and clearly focusing on winning the Champions League."