More than a year after it was put up for sale, Manchester United announced this Sunday that British billionaire Jim Ratcliffe has bought a minority stake in the historic Premier League club.
Ratcliffe, owner of the petrochemical giant INEOS (the fourth largest chemical company in the world), and one of the richest people in Britain, bought a 25% stake in the Red Devils at a price of $33 per share and will invest 300 million dollars in its Old Trafford stadium.
As part of the deal, United said Ratcliffe would take responsibility for the club's football operations. This will include all aspects of men's and women's football operations and academies, as well as two positions on the board of directors of Manchester United PLC and the board of directors of Manchester United Football Club.
The joint ambition is to create a world-class football operation by leveraging the Club's many existing strengths, including the successful off-field performance it continues to enjoy.
Co-CEOs and Directors Avram Glazer and Joel Glazer said: “We are delighted to have reached this agreement with Sir Jim Ratcliffe and INEOS. “As part of the strategic review we announced in November 2022, we committed to looking at a range of alternatives to help improve Manchester United, with a focus on achieving success for our men's, women's and Academy teams.”
“Sir Jim and INEOS bring a wealth of commercial experience and a significant financial commitment to the Club. And, through INEOS Sport, Manchester United will have access to experienced high-performance professionals, with experience in creating and leading elite teams both in and out of the game. “Manchester United has talented people across the club and our desire is to always improve at all levels to help our great fans be more successful in the future.”
Qatari Sheikh Jassim bin Hamad al Thani was also looking to buy the club, but withdrew from the bidding process, saying he would not increase his $6 billion bid, leaving the British billionaire to reach a deal with the owners, the Glazer family.
