British billionaire buys 25% stake in Manchester United
Agency
December 25, 2023
Manchester-born Ratcliffe will also provide £236m for future investment into Manchester United's Old Trafford stadium. - Jim Ratcliffe's Facebook photo
British billionaire buys 25% stake in Manchester United
Manchester-born Ratcliffe will also provide £236m for future investment into Manchester United's Old Trafford stadium. - Jim Ratcliffe's Facebook photo
British BILLIONAIRE, Sir Jim Ratcliffe agreed to buy a 25 percent stake in Manchester United for a price of about 1.03 billion pounds.
With the purchase, Ratcliffe's Ineos Group will take control of the club's football operations.
The 71-year-old will also provide £236m for future investment into the club's Old Trafford stadium.
The announcement comes 13 months after the club's owners, the Glazer family, said they were considering selling it to "explore strategic alternatives".
The American family bought Manchester United for 790 million pounds in 2005.
The only other bidder to publicly declare, Qatari banker Sheikh Jassim Hamad Al Thani withdrew his offer to buy 100 percent of the club in October.
United have struggled on the pitch this season and have not won the Premier League (EPL) since 2013, while there have been constant protests against the Glazers' ownership.
Manchester-born Ratcliffe is chairman of petrochemical company Ineos. He said he was a "lifelong supporter of the club".
Last year, he tried but failed to buy Chelsea.
In a statement, he said that although the club's commercial success ensures that there are always funds to win trophies at the highest level, this potential has not been fully unlocked in recent times.
According to him, his side will bring global knowledge, expertise and talent from the Ineos Sport group to help drive further improvement at the club.
He added that he will stay for the long term and is aware that many challenges and hard work lie ahead, but they will be faced with professionalism and enthusiasm.
Ratcliffe is also committed to working with all parties at the club including the board, staff, players and fans to help drive the club forward.
He also expressed his desire to see Manchester United return to its original place, which is at the top of English, European and world football.
Meanwhile, Manchester United said the deal was "subject to normal regulatory approval" but "hope it will be completed as soon as possible".
Initially there will be a six to eight week process for the deal to be ratified, including signing by the EPL.
Fans opposed to the Glazers' continued involvement at United have staged a series of protests inside and outside Old Trafford over the last 12 months.
The past decade, since legendary manager Sir Alex Ferguson retired in 2013, has seen inconsistency on the pitch despite high transfer spending and a number of high-profile managers being hired and fired.
