Sir Jim Ratcliffe, the billionaire co-owner of Manchester United, has significantly lowered his asking price for French Ligue 1 side OGC Nice as he attempts to sell the club. This move forms part of a broader strategy to reduce his sporting investments through the Ineos group.
Price Cut Amidst French Football Crisis
According to a report from Bloomberg, Ratcliffe has dropped his valuation of Nice to less than €200m (approximately £173m). This marks a notable reduction from the €250m (£217m) he was initially seeking when he first put the club on the market last year.
Ratcliffe originally purchased the club, based on the French Riviera, for €100m in 2019. At that time, Nice had recently finished third in Ligue 1, but their fortunes, along with those of Ratcliffe's other clubs, have since waned.
The sale process has been complicated by a financial crisis in French football, triggered by the collapse of major media rights deals. This has severely dampened interest from potential buyers, despite Ratcliffe engaging the investment bank Lazard to facilitate a deal.
Streamlining the Ineos Sports Empire
The bid to offload Nice is the latest step in Ratcliffe's efforts to trim his extensive sports portfolio. In recent years, Ineos has withdrawn funding from Sir Ben Ainslie's America's Cup sailing team and terminated sponsorship agreements with both New Zealand Rugby and Premier League side Tottenham Hotspur.
Ratcliffe's current football holdings include:
- A controlling stake in Swiss club Lausanne.
- A near 29% share in Manchester United, for which he paid £1.3bn to oversee football operations.
- The soon-to-be-sold OGC Nice.
He also retains a significant minority holding in the Mercedes Formula 1 team.
UEFA Rules and On-Field Struggles
Owning multiple clubs in European competitions has created direct complications for Ratcliffe. Last season, UEFA's multi-club ownership regulations forced him to alter Nice's ownership structure to allow both them and Manchester United to participate in the Europa League.
The rules also led to a temporary ban on player transfers between the two clubs, scuppering United's interest in Nice defender Jean-Clair Todibo, who now plays for West Ham United.
Both clubs are currently experiencing poor form on the pitch. Manchester United finished a dismal 15th in the Premier League last season, while Nice are languishing in 14th place in the 18-team Ligue 1 table at the time of reporting.
The sale of OGC Nice would simplify Ratcliffe's complex football interests and allow him to focus resources on reviving the fortunes of his flagship investment, Manchester United.
