Britain's richest man, Sir Jim Ratcliffe, who founded and leads petrochemical giant INEOS, was the first person to formally express interest in buying Manchester United when the club was placed up for sale by the Glazer family.
And shortly after a Qatari bid headed by Sheikh Jassim Bin Hamad Al Thani was announced last Friday, it was made official that Ratcliffe and INEOS were also in the running to acquire control of the club from the Glazers.
The subject of who is best-suited to take over the club is a divisive one: the resounding majority of United's online fanbase staunchly support the Qatari bid, but away from social media, you tend to find there is more support for Ratcliffe.
The Qatari bid comes with the promise of superior financial power, but United are a club of such magnitude that they are able to self-sustain without a bankrolling. While also factoring this in, Ratcliffe being a boyhood United fan that grew up in Greater Manchester is a desirable prospect to many others when it comes to the new owner.
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One major thing that needs to be restored when United are taken over is a connection between the ownership party and supporters, which has been wholly absent under the Glazers' rule. Ratcliffe, who was at the Cam Nou as United won the Champions League final to seal their treble in 1999, would seem a better bet than anyone enable this.
The statement from INEOS confirming their bid suggested Ratcliffe wanted to make United "a beacon for a modern, progressive, fan-centred approach to ownership", which is a valuable aspect that has been missing from the club's culture under the Glazers.
Both bids will be scrutinised, and not wrongly. And with Ratcliffe, there is the benefit of INEOS already having significant involvement in sport - a basis to go off.
He has involvement in sailing through the INEOS Britannia team, while he owns a seven-time Tour de France winning cycling team INEOS Grenadiers. INEOS is also a one-third shareholder in Mercedes-AMG Petronas Formula 1 Team and partners the the All Blacks in rugby.
More closely linked to a takeover of United, INEOS acquired Swiss Super League club FC Lausanne-Sport in 2017 as their first venture into football. They most notably bought OGC Nice in the summer of 2019, completing a multi-club model along with Ivorian side Racing Club Abidjan.
Playing in a 'top five' European league, Nice are the best marker to go off when trying to gauge what United could expect from INEOS ownership should Ratcliffe's bid be successful. So utdspace has reached out to a selection of Nice fans to try and gain a consensus as to how they view the job Ratcliffe has done in his three and a half years at the club.
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Across social media, there has been a narrative that Ratcliffe's spell at Nice has been a disaster. And, somewhat supporting this claim, it is apparent that fans were displeased with start to life under Ratcliffe, with a seeming decline of the club following the takeover.
"In Nice, Ratcliffe has had complicated beginnings," Matteo says. "Because, in recent years, there have been many different coaches and each summer it seems that everything starts from zero."
There is clear evidence to support Matteo's concerns. Patrick Vieira was at the helm when Ratcliffe took over, but he found himself sacked and replaced by his assistant Adrian Ursea in December 2020. By the end of the 2020/21 season, Ursea had departed the club.
Christophe Galtier was next to take charge after winning the title with LOSC Lille, and he spent a relatively successful season at the club, during which they reached the Coupe de France final. But Galtier's time in the French Riviera was short-lived, with Paris Saint-Germain appointing him as Mauricio Pochettino's replacement in the summer.
Lucian Favre returned for a second stint at Nice ahead of this current season, but a dreadful start to the campaign saw him sacked in January. Since, interim manager Didier Digard has guided an upturn in results.
Whether of their own doing or influenced by external factors, such as in the case of Galtier's departure, there has been a sense that Nice have been in a constant state of flux since Ratcliffe took over, never particularly settling and gaining much continuity in his early years at the head of the club.
"At the start, the INEOS project was very attractive to us - everyone was happy and couldn't believe Ratcliffe bought our club," one fanpage says. "Then, after two or three years, we didn't really see the point of this project, we weren't very well ranked in Ligue 1, we had fired our coach, the transfer windows were terrible, we were wondering little what this project was for."
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A bedding-in period has to be taken into account, but that hasn't stopped a belief from some that Ratcliffe has been out of his depth as Nice owner. The general view is that him and those that have supported him don't actually know masses about football and the running of a club of Nice's stature.
"I would like to say that Sir Jim is not considered to be a great connoisseur of football," Lucas says.
This is a point reaffirmed by another fanpage. "I think that INEOS for the moment has not yet proved enough to us to say that it suits us," they say. "INEOS has a lot of money but is not necessarily a group that knows football extremely well - not always the best recruitment or the best choices."
These poor choices have contributed somewhat to the limbo related to changing managers on a frequent basis, while a lack of big strides in the transfer window is also judged by fans to have halted their progress somewhat.
"In the transfer window, we have the impression that he has difficulty putting in the money to buy players," a third fanpage adjudges. This is a reasonable point, albeit this wouldn't necessarily be a pertinent issue at United given their revenue is high enough that they are still able to spend enough that they are presently under pressure to comply with Financial Fair Play even under the Glazers.
Even in the modern age of state ownership growing prominent, there is still only so much an owner can do in terms of funnelling in money to spend on players. And in United's case, they are perfectly able to stand on their own two feet when it comes to money being available to bolster the playing department - even without frequently selling players.
Still, supposedly poor transfer windows during Ratcliffe's time at Nice do reinforce concerns about the suitability of INEOS to run an elite-level football team.
"The INEOS group made us cross a course that our club was not used to - the first two years we were a failure," says a further fanpage. They raise concerns about Vieira, who had a "lack of experience", being in charge when Ratcliffe took over, which could have contributed to the slow start under the INEOS group.
"Last season, we did believe [we] finally found the start of the project with Christophe Galtier," they continue. "But once again the problem was internal despite a Coupe de France final and a qualification for the Conference League."
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There is a recurring theme flagged that there were slow-moving beginnings under Ratcliffe's ownership, but there is simultaneously keenness from fans to express that he seems to be making amends for possible early errors.
So, if he was to take over at United, there is possibility that he would be more primed and ready after his experiences and occasional fault during his time with Nice. Fans are certainly quite impressed with the manner in which he has made up for his mistakes.
"It was too fair this summer there was an adjustment in the INEOS group to decide to fire Julien Fournier," one of the fanpages says. "The result was not there until January, but with the arrival of Jean Claude Blanc in the project, then of Florent Ghisolfi and Fabrice Boucquet, the project is finally launched and INEOS does not want any more errors with OGC Nice."
Fournier had been at Nice for 11 years - as Managing Director and then Director of Football - before "strategic divergences" saw them part company, essentially after a falling out with then-manager Galtier amid a chaotic summer period.
Changes were necessary, with Galtier having not been enamoured with the running of the club by INEOS in a manner similar to fans. And to their credit, changes did come, which should encourage United fans that a restructure could occur if deemed necessary.
Fabrice Boucquet was appointed Nice's CEO in September after a previous five-year stint in that role at FC Lorient, while Florent Ghisolfi, who is highly rated for his work at RC Lens, was appointed Sporting Director at the back end of last year.
Jean Claude Blanc, moving from long-standing role as CEO at PSG, has recently been appointed CEO of INEOS Sport in a progressive move for their ownership of Nice. And if INEOS were to acquire United, he could likely be a high-level figure involved in some capacity.
"We know that, this summer, Ratcliffe will invest a lot in Nice in the transfer window and will be helped by Mr Ghisolfi and Boucquet that Ratcliffe himself has taken on in Nice and who are very competent people," Matteo says, confidently. "INEOS has even recruited the former director of PSG for Nice, so Ratcliffe knows how to surround himself well.
Matteo continues: "Even if in recent years we have understood that Ratcliffe's main field was not football and that he was not an expert in this sport, he is a very competent man: rich, brilliant and full of ideas with always more ambitions."
It is the sort of ambition that Matteo speaks of that United could relish, with the Glazers often lacking innovation and failing to bring many ideas to the table.
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"Finally, since last year and this year, we are starting to see the objectives a little: to finish regularly on the podium in Ligue 1, to have a game that is pleasant to watch," a fanpage details.
They do remain tentative, however, with it not yet clear whether the steps made will be completely effective. "To answer all this, I think that this project can be interesting but took a long time to set up," they add. "And to better answer you, it would have been necessary to wait for the end of the season and next year."
Regardless, the direction does seem to be a promising one. "Since the arrival of INEOS in August 2019, OGC Nice has evolved a bit," Lucas says. "Last season, we reached the final of the France [cup competition] and we came fifth [in the league]."
Lucas goes on to explain that Nice could have been better off without having been docked two points after the abandonment of their home meeting with Olympique Marseille mid-match due to severe crowd trouble. Nice had been leading before the match was abandoned, with the replayed match drawn, hence claims that Nice essentially lost out on four points.
"We had two penalty points because of Nice [versus] Marseille," Lucas explains. "And we drew when we replayed the game while we won in the [game of] the incident, so we lost four points. With these points there, we would be third in the championship - a first good season since the arrival of INEOS."
Losing out on those points led to the general perception that last season was, once again, underwhelming to a degree. Lucas' caveat is important in offering some perspective.
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"The project is starting to get interesting," one of the fanpages reinforces. "The winter transfer window showed that INEOS was going to start getting involved because it took quite a while. We hope for a big summer transfer window so that they show us that they want to make Nice a big club."
There is clear conflict in views of each individual supporter, with many seeing the positive side of Ratcliffe's ownership while being keen to express that more has to be proven given the unimpressive start.
"I think he still spends in the club in view of the new signings we have made so it's a positive thing," another fanpage says, encouraged by a January transfer window in which they notably signed striker young striker Terem Moffi on loan with an obligation to buy from Lorient.
Hope for the future is a key theme, with a belief that Ratcliffe and INEOS possess the resources for Nice to blossom so long as there is commitment from the ownership party.
"For me, Ratcliffe's property is very good and has brought a lot of good things," David says. "I think he should trust the club more and invest again, because there is quality."
Something that will encourage United fans is the claims from one of the fanpages that "INEOS has done a lot for the club, especially with the academy and so on".
Erik ten Hag has been decisive in re-establishing a clear pathway between the academy and United's first team, taking charge of aspects of youth dealings in order to ensure a connection with the club's younger players. It will be crucial that any new owner supports this notion, and Ratcliffe focusing on this while at Nice is reassuring.
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Something that often reared its head during conversations was concern from Nice fans that Ratcliffe being successful in a bid to buy United could have a negative impact on their own club, which could be interpreted as fear of losing valuable leadership from Ratcliffe, or merely concern as to their club being thrown into disarray.
"I admit that I don't hope it will happen," one fanpage says. "I think we wouldn't be the priority anymore. We could no longer play in the same European Cup as you, see. It's annoying."
Concern about a conflict of interest, with two clubs fighting for Champions League places in their respective leagues potentially sharing the same owner, is a serious watchpoint.
The Qatari bid comes from a separate party to that which owns PSG, so a conflict of interest should be avoided in that case, but it would be Ratcliffe and INEOS owning both Nice and United if he was to take over.
The Red Bull group have navigated around this issue, with both RB Leipzig and RB Salzburg competing in the Champions League, but concern is valid and by no means frivolous.
Other Nice fans share concerns about Ratcliffe's priorities possibly going elsewhere if he was to own United, with one page saying: "After he buys Manchester United [it will be] less good for us because we can see that his preference will go after Nice."
There is genuine concern from those supporting the French club that Ratcliffe's investment may go elsewhere. For United, the fact that INEOS are involved with so many sporting teams will also be of concern when it comes to the actual amount of money available given, beyond signings players, money needs to be spend on infrastructure and debt needs to be paid off.
"I think that if he buys Manchester United it will be a bad thing for OGC Nice because he could put even less money and less investment," a fanpage expresses. Concern is also shared about conflicts of interest once again, with a worry that "we won't be able to play the same competition as Manchester United".
"For these reasons, I don't think it would be beneficial for INEOS to buy Manchester United," they conclude.
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There is definite cause for deliberation when it comes to deciphering whether there will be enough time for Ratcliffe to focus on everything INEOS are involved with in addition to whether finances allow for it to be remotely feasible.
Lucas shares this particular concern. "INEOS will not be able to manage a club as big as yours," he says. "Sir Jim has to take care of Nice, Lausanne-Sport, part of F1 [as] Mercedes sponsors, cycling and sailing, and maybe Manchester United. For me, INEOS has to sell Nice or Lausanne to buy United - not for money but for organisation and time."
"We Nice supporters do not want to see Sir Jim buy United," Lucas concludes on this point. "Because we will be like the reserve of United."
Others aren't so opposed to the idea of Ratcliffe owning United, though. "I think he will be good at Manchester United," David says, succinctly.
Matteo is also positive about the prospect, and he is more appreciative of Ratcliffe's work than the online narrative has suggested fans generally are. "Personally, as a Nice supporter, I measure how lucky Nice is to have Ratcliffe as an investor," he says. "It's a huge chance for Nice to possibly become a big club one day."
"If Ratcliffe buys Manchester, I would be happy," Matteo finishes. "That way Manchester United will be able to lend Nice its best young people so that they can develop in Nice and then win in Manchester."
Not all fans seem so acceptant of the prospect of being second-fiddle to United, especially considering the threat of a conflict of interest. But Matteo makes a logical point about the positives of a possible multi-club model, which could benefit United in some ways too, with a possible passage open for being able to develop talent at Nice.
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There is plenty to unpick from the views of Nice fans, and it is clear that they are conflicted in their own views of the work that Ratcliffe and INEOS have done in three and a half years at the club.
It does appear that they are only now beginning to gain stability at Nice, which is seeing more fans come onside due to signs of progress. And, as a result of what he has learned at Nice, maybe Ratcliffe may be at a place from which he is able to own United.
However, as one of the biggest clubs in world football, United are a different beast and it would unquestionably be a considerable leap. The chaos that ensued at Nice, and their decline from a very well-run club challenging towards the top of Ligue 1 prior, will rightfully elicit cautiousness.
At the same time, Ratcliffe's positive involvement at Nice does seem to be growing, and it is becoming a clear part of his ethos that ownership should be fan-centred. As a fan of the club himself, his commitment would likely be even higher at United, and it would certainly be considerable improvement on engagement levels of the Glazers.
There may even be scope for fans to chip in given Ratcliffe's desire for fan involvement - not exactly like but somewhat akin to the 50+1 scheme in Germany, where fans own 50 per cent of the club and have the final say on key things (hence the '+1').
It must be reiterated that United do gain enough revenue to be self-sustaining and not require a massive influx of money from any takeover, with money spend on players likely to be minimally impacted irrespective of who the new owner of the club may me.
But it is necessary to revamp infrastructure, such as Old Trafford and the club's training facilities, for which as much money as is desired can be spent on without any restraints such as FFP for transfers. Community projects are also a prospect associated with any takeover, and Ratcliffe would no doubt be willing to invest in the local area given he grew up locally.
Wiping the club's debt is also a big thing that any new owner has to do. It is said that INEOS will bear any debt once the debt put on United by the Glazers is wiped; there are concerns that this may be unsustainable while trying to fund other projects, but the company's revenue is substantial.
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Concerns have been expressed about Ratcliffe vying for "majority ownership" while Sheikh Jassim has "bid for 100 per cent" of the club too, however Ratcliffe would still gain control of the club as he would buy all of the Glazers' shares.
The Qatari bid intending to buy the whole club is a complex issue as they would have to buy non-Glazer minority shares, which don't have any power in the club at present. This would likely be more hassle than it is worth given the club doesn't need to be taken private.
Every bid has its pros and cons, and Ratcliffe's is no different. While the Qatari bid comes associated with the country's serious human rights issues and a threat of sportswashing, the bid from Ratcliffe is linked with environmental concerns and possible greenwashing related to INEOS being a petrochemicals firm. Ratcliffe has also had issues with tax affairs in the past.
It almost comes to a sad case of looking for the 'least worst' option, and it is incredibly difficult to come to any conclusions.
At least, in any case, the model of the owners taking dividends will be eradicated once the Glazers do sell the club - something that positively reflects the intentions of the bidding parties. And both parties have laid out initial manifestos that would inspire progress.
The reality is that United don't necessarily need to be state-owned or state-funded due to their ability to self-sustain, so Ratcliffe could work as the club's owner. But there are no doubt stumbling blocks that need to be overcome if this is to be the case.
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