MANCHESTER.- More than a year after the team was put up for sale, the Manchester United announced on Sunday that the British billionaire Jim Ratcliffe acquired a minority stake in the historic club of the Premier League
Ratcliffe, owner of the petrochemicals giant INEOS and who is one of the richest people in the United Kingdomacquired a stake of “up to 25%” of the 20-time league champion and will invest $300 million in the Estadio Old Trafford.
As part of the agreement, United said Ratcliffe will have responsibility for the club’s operations.
Ratcliffe will provide $200 million upon completion of the deal, as well as 100 million more at the end of 2024, indicated United. In total, the agreement is worth $1.6 billion, including $300 million in financial resources.
The agreement must still be approved by the Premier League.
Ratcliffe, who was born in Failsworth, Greater Manchester, originally submitted a bid to acquire the Glazer family’s entire stakearound 69%.
“As a local boy and long-time supporter of the club, I am pleased that we were able to reach an agreement with the club board. Manchester United that he will delegate to us the management responsibility for the club’s sporting operations,” said Ratcliffe.
Hard times:
“Although the club’s commercial success has ensured that there are always funds available to win trophies at the highest levels, this potential has not been seen recently. We will bring the global knowledge, experience and talent of INEOS Sport Group to help improve the club, while providing funds with the intention of investing in the future in Old Trafford”.
The transaction will be paid with funds from Trawlers Limited — a company wholly owned by Ratcliffe — without taking on debt, United added.
United fans had criticized the debt-ridden nature of the Glazer family’s purchase deal, who put the debt entirely on the clubas well as the lack of investment and dividends to the owners.
Avram Glazer y Joel Glazerpresident of United, indicated in a statement: “Sir Jim and INEOS They will bring vast commercial experience as well as a significant financial commitment to the club. And through INEOS Sporthe Manchester United “You will have access to experienced, high-profile professionals, with the knowledge to create and lead high-level teams in and out of the game.”
“Manchester United “We have talented people throughout the club and our desire is to always improve at all levels to help bring more future success for our incredible fans.”
New times at Manchester United:
In November last year, the Glazer family announced plans to bring in new investment and instructed the American Merchant Bank Raine who will oversee the process, which included a possible full sale.
Ratcliffe had been in competition with the Qatari banker, Sheikh Jassim bin Hamad Al Thani to acquire the participation of the Glazers, who own the Buccaneers de Tampa Bay. But after months of protracted negotiations, Sheikh Jassim withdrew his offer in October.
Source: AP
