British Billionaire Sir Jim Ratcliffe Acquires 25% Stake In Man Utd
British billionaire Sir Jim Ratcliffe has agreed to buy a 25% stake in Manchester United.
The deal will cost the 71-year-old $1.3bn.
Ratcliffe will inject $300m into the club as part of the deal.
A club statement said: “Manchester United announces that it has entered into an agreement under which chairman of Ineos, Sir Jim Ratcliffe, will acquire 25 per cent of Manchester United’s Class B shares and up to 25 per cent of Manchester United’s Class A shares and provide an additional 300 million intended to enable future investment into Old Trafford.
“As part of the transaction, Ineos has accepted a request by the board to be delegated responsibility for the management of the club’s football operations. This will include all aspects of the men’s and women’s football operations and academies, alongside two seats on the Manchester United PLC board and the Manchester United Football Club boards.”
The statement continued: “The joint ambition is to create a world-class football operation building on the club’s many existing strengths, including the successful off-pitch performance that it continues to enjoy.
“The transaction is subject to customary regulatory approvals and all parties are hopeful it will be completed as soon as possible.”
Ratcliffe said: “As a local boy and a lifelong supporter of the club, I am very pleased that we have been able to agree a deal with the Manchester United board that delegates us management responsibility of the football operations of the club.
“While the commercial success of the club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times.
“We will bring the global knowledge, expertise and talent from the wider Ineos Sport group to help drive further improvement at the club, while also providing funds intended to enable future investment into Old Trafford.
“We are here for the long term and recognise that a lot of challenges and hard work lie ahead, which we will approach with rigour, professionalism and passion. We are committed to working with everyone at the club – the board, staff, players and fans – to help drive the club forward.
“Our shared ambition is clear: we all want to see Manchester United back where we belong, at the very top of English, European and world football.”
