INEOS confirms entering bidding process to buy Manchester United

A spokeswoman for Jim Ratcliffe's company INEOS confirmed on Tuesday that the chemical firm has

to purchase Premier League soccer club Manchester United.

The Glazer family, United's American owners, announced in November that they had began considering options for the 20-time English champions, including new investment or a possible sale, 17 years after purchasing the Old Trafford club. According to Reuters, British billionaire Ratcliffe,

, expressed interest in purchasing United in August.

"I can confirm that we have formally put ourselves into the process," said an INEOS representative in a statement on Tuesday. When approached by Reuters, United declined to comment.

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