What is in this for Sir Jim Ratcliffe? Why would a billionaire who turns 71 this week commit to buying a quarter share and a gradual takeover of a football club – leaving the owners the fans hate in control?
There are a few basic things to note. Ratcliffe is a very young 70. He keeps himself fit and will no doubt believe that he will have considerable time in control of Manchester United.
Then there is the emotional pull. Ratcliffe claims to be a boyhood United fan and was brought up in Failsworth, a predominantly working-class town on Oldham’s border with Manchester. The council house in which he was raised is a little over a mile away from Newton Heath, United’s birthplace.
Then there is the glamour. One source close to the process summed it up well. ‘To say Manchester United is a prized asset is underplaying it hugely,’ they explained.
‘If you are seriously rich and want to buy a yacht, you go and get one. If you want to buy a luxury house, or a fast car you go and get one.
'But when you go into a room with your peers they have all done that too. When you go into that room and say that you own Manchester United then you win.
'And they can make more yachts and supercars and houses – but they cannot build another Manchester United.
'There will only ever be one and the opportunity to acquire it has a massive pull. It is something that simply does not come around very often.’
By all accounts, Ratcliffe’s bid team have been savvy.
They have been in regular dialogue with Raine, the US merchant bank handling the sale. There have been no ultimatums, unlike their Qatari rivals, and they have been respectful and flexible.
When it became clear an initial bid for a majority stake would not be accepted, they found another way – something Ratcliffe, who has two sons and a daughter, has been doing all his life.
He has also been making a success, and United presents a huge challenge. And paying between £1.4bn and £1.5bn now affords him time to find the rest.
Those who know the INEOS billionaire says he has a spirit for adventure. He may well need that over the coming days, weeks and years.