It's official! Sir Jim Ratcliffe acquires 25% stake in Manchester United for 1.5 billion pounds
British billionaire Sir Jim Ratcliffe has agreed to buy a 25 percent stake worth about 1.25 billion pounds in Manchester United. As part of the deal, Ratcliffe's Ineos Group will take control of the club's football operations.
British billionaire Sir Jim Ratcliffe, the chairman of Ineos Group, has sealed a landmark deal to purchase a 25 percent stake in Manchester United, with an estimated value of 1.25 billion pounds. As part of this agreement, Ineos Group will assume control of the club's football operations, marking a significant development in the ongoing evolution of the iconic football club.
The acquisition comes approximately 13 months after the club's owners, the Glazer family, expressed their contemplation of selling to "explore strategic alternatives." The Glazers, an American family, acquired Manchester United for 790 million pounds in 2005. The move by Ratcliffe, 71, is poised to bring fresh perspectives to the club, which has faced challenges both on and off the pitch.
In addition to the stake acquisition, Sir Jim Ratcliffe's Ineos Group will provide a substantial financial injection of 236 million pounds for future investments into Old Trafford, the historic home of Manchester United. This strategic move aims to bolster the club's financial standing and support its initiatives for sustained success.
Manchester United has encountered difficulties in recent seasons, with the team struggling on the pitch and failing to secure a Premier League title since 2013. The Glazer ownership has been a source of contention, leading to periodic protests from fans.
Born in Manchester, Ratcliffe describes himself as a "lifelong supporter of the club." In a statement, he emphasized the untapped potential of the club in recent times and expressed his commitment to leveraging Ineos Group's global knowledge, expertise, and resources to drive further improvement.
"Whilst 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," Ratcliffe said.
"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," he added.
The club say the deal is "subject to customary regulatory approvals" but are "hopeful it will be completed as soon as possible".