<\/p>\n
British billionaire Jim Ratcliffe insisted he will not pay \u201cstupid prices\u201d for Manchester United as the latest bid deadline looms.\n<\/p>\n
Incumbent owners, the Glazer family, tentatively put United up for sale in November and Ratcliffe was the first suitor to formally register an interest through his London-based chemicals company INEOS.\n<\/p>\n
He was subsequently among the parties to submit initial bids ahead of a \u2018soft deadline\u2019 in February, with Ratcliffe and Qatari banker Sheikh Jassim bin Hamad Al Thani thought to be the two frontrunners.<\/p>\n
While the exact value of the bids is unclear, the Glazers are reportedly looking for at least $7.2billion (\u00a35.9billion) if they are to sell, which would be a new world-record fee for a sports team.\n<\/p>\n
The club was valued at $4.8billion (\u00a34billion) by Forbes last year.\n<\/p>\n
Recent reports suggested the bidders are increasingly confident the Glazers will approve a sale, with Ratcliffe and Sheikh Jassim expected to submit formal offers this week.\n<\/p>\n
But Ratcliffe has given the clearest indication yet that he will not pay over the odds.<\/p>\n
Speaking about the process to the Wall Street Journal, Ratcliffe said: \u201cHow do you decide the price of a painting? How do you decide the price of a house?\n<\/p>\n
\u201cIt\u2019s not related to how much it cost to build or how much it cost to paint.\n<\/p>\n
\u201cWhat you don\u2019t want to do is pay stupid prices for things because then you regret it subsequently.\u201d<\/p>\n