In a significant development for Manchester United, British billionaire Jim Ratcliffe has successfully secured a deal to acquire a 25 percent stake in the renowned Premier League club for a whopping $1.3 billion. The 71-year-old chairman of the global chemicals giant INEOS has ambitious plans to propel Manchester United back to the summit of world football.
This acquisition also marks a shift in control of football operations from the Glazer family to Ratcliffe’s INEOS company, following years of underachievement under the previous ownership. The Glazers, who purchased the club in 2005 for £790 million, had faced widespread criticism for burdening the 20-time English champions with substantial debt.
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Ratcliffe’s investment is not limited to the team’s on-field performance; substantial funds are earmarked for the much-needed rejuvenation of Manchester United’s iconic Old Trafford stadium, addressing long-standing concerns about its outdated facilities.
The deal concludes a protracted saga that began 13 months ago when the Glazer family expressed interest in exploring “strategic alternatives” to facilitate the club’s growth. Despite offers from Qatari banker Sheikh Jassim bin Hamad Al Thani and Ratcliffe in the range of £5 billion for a complete takeover, the Glazer family’s valuation remained unmet.
“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,” stated Manchester United in their official Christmas Eve statement.
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Ratcliffe, a committed fan who attempted to purchase Chelsea last year, expressed his delight at the deal, emphasizing the long-term nature of the project. Drawing on the expertise of the wider INEOS Sport group, he aims to guide Manchester United back to the pinnacle of English, European, and global football.
Dave Brailsford, the former performance director of British Cycling and INEOS’s director of sport, is expected to play a significant role in shaping the club’s future.
Under the terms of the agreement, Ratcliffe will acquire 25 percent of the Glazer family’s Class B shares and up to 25 percent of the Class A shares traded in New York. The proposal values Manchester United at $33 a share, with an additional $300 million earmarked for investment in Old Trafford.
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While the executive co-chairmen and directors Avram Glazer and Joel Glazer acknowledged Ratcliffe’s commercial experience and financial commitment, the Manchester United Supporters Trust expressed “mixed feelings.” Despite welcoming the investment, fans remain cautious with the Glazers still retaining overall control.
Manchester United emphasized that the deal is “subject to customary regulatory approvals,” expressing hope for a prompt completion.
Source: Channels TV
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