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Sir Jim Ratcliffe has apologised for "offending some people" with his language after saying the UK had been "colonised by immigrants", but maintained an "open debate" on the matter was needed.
The billionaire co-owner of Manchester United had faced criticism from Sir Keir Starmer, who described his comments on Wednesday as "offensive and wrong".
On Thursday, Sir Jim said: "I am sorry that my choice of language has offended some people in the UK and Europe and caused concern but it is important to raise the issue of controlled and well-managed immigration that supports economic growth."
The club has not directly addressed the remarks, but said it "prides itself" on being "inclusive".
"Our diverse group of players, staff and global community of supporters, reflect the history and heritage of Manchester; a city that anyone can call home," the club said in a statement on Thursday.
"Manchester United reflects the unity and resilience of all the communities we are so privileged to represent.
"We will continue to represent our people, our city and our fans with purpose and pride."
Sources told BBC Sport that the FA is examining whether Sir Jim's comments brought the game into disrepute.
Should the FA formally investigate Sir Jim's comments and choose to charge the 73-year-old under its own rules, he could face further punishment.
His earlier comments to Sky Newshad drawn criticism from Manchester United fan groups. He said: "You can't have an economy with nine million people on benefits and huge levels of immigrants coming in.
"I mean, the UK has been colonised. It's costing too much money. The UK has been colonised by immigrants, really, hasn't it?"
He incorrectly claimed that the UK population had risen by 12 million to 70 million over the last five years. The Office for National Statistics estimates that it has risen from 66.7 million to 69.4 million, an increase of less than 3 million.
A Downing Street spokesperson said it was "absolutely right" that Sir Jim had apologised for his language.

Following the billionaire's comments to the broadcaster, the prime minister's spokesman said Sir Keir thought they were "offensive and wrong" and it is "absolutely right" he apologised.
Deputy Prime Minister David Lammy said "a lot of people find that language offensive".
He added the government has "done a lot to bear down" on small boats and there is "lots we need to do on irregular migration".
Reform UK leader Nigel Farage previously pushed back against Sir Keir, saying: "Britain has undergone unprecedented mass immigration that has changed the character of many areas in our country."
Following the apology, he told BBC's Political Thinking with Nick Robinson podcast the comments were "accurate and right", if you "take the word colonise out".
"And what Jim is saying is that mass migration has done us harm and made us poorer. And I think he's absolutely right," Farage said.
Greater Manchester Mayor Andy Burnham said Sir Jim's comments "go against everything for which Manchester has traditionally stood".
"Footballers who have arrived from all over the world to play in Greater Manchester have enhanced the life of our city region."
Criticism of Sir Jim's remarks also came in from football groups.
Anti-discrimination campaign group Kick It Out called them "disgraceful and deeply divisive", while anti-racism charity Show Racism the Red Card said it was "deeply concerned".
"Language of this kind echoes narratives that have historically been used to stigmatise migrant communities, fuel division, and legitimise hostility towards minority groups," it said in a statement.
"Football clubs and their leadership hold enormous cultural influence."
Ratcliffe, one of Britain's richest individuals, founded one of the world's largest chemical companies, Ineos.
In 2020, he reportedly moved from the UK to Monaco, which does not collect personal income tax or capital gains taxes.
He acquired a 27.7% stake in Man Utd in 2024 and has since restructured the organisation, making 450 redundancies, overhauling senior management, and dismissing two managers.
He campaigned for a Leave vote in the 2016 European Union referendum.
Ahead of the 2024 general election, he told Bloomberg he had "had enough" of the Tories, shifting his support to Labour.
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