British billionaire Sir Jim Ratcliffe has acquired a 25% stake in Manchester United for a fee of £1.3 billion ($1.6 billion), the club confirmed. The INEOS chemical company CEO is also expected to invest a further $300 million into the team.
“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,” Ratcliffe stated following the announcement of the deal. “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.”
The deal will see Ratcliffe acquire 25% of Man United’s Class B shares, held by the Glazer family, and 25% of Class A shares that are traded on the New York Stock Exchange. While there is no plan in place for Ratcliffe to fully acquire the club, he is to receive the right of first refusal should the Glazer family decide to sell more shares.
