BRITISH BILLIONAIRE SIR JIM RATCLIFFE AGREES DEAL TO BUY 25% STAKE FOR ABOUT £1.25BN

Sun 24 December 2023:

The sale of a 25% share by Manchester United to Sir Jim Ratcliffe, the wealthy British petrochemicals entrepreneur, has been confirmed.

United supporters, who feel the team has been deprived of funding under the Glazer family’s ownership, will probably applaud the sale.

Sir Jim has agreed to buy a 25% stake worth about £1.25bn in Manchester United.

As part of the deal, Ratcliffe’s Ineos Group will take control of the club’s football operations.

The announcement comes 13 months after the club’s owners, the Glazer family, stated they were considering selling to “explore strategic alternatives”.

The American family bought the club for £790m ($1.34bn) in 2005.

United have struggled on the pitch this season and have not won the Premier League since 2013, while there have been regular protests against the Glazer ownership.

Manchester-born Ratcliffe is chairman of petrochemicals company Ineos and says he is a “lifelong supporter of the club”.

In a statement he said: “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.

“We will bring the global knowledge, expertise and talent from the wider Ineos Sport group to help drive further improvement at the club, while also providing funds intended to enable future investment into Old Trafford.

“We are here for the long term and recognise that a lot of challenges and hard work lie ahead, which we will approach with rigour, professionalism and passion. We are committed to working with everyone at the club – the board, staff, players and fans – to help drive the club forward.

“Our shared ambition is clear: we all want to see Manchester United back where we belong, at the very top of English, European and world football.”

Manchester United’s executive co-chairmen and directors, Avram Glazer and Joel Glazer, said: “We are delighted to have agreed this deal with Sir Jim Ratcliffe and INEOS. As part of the strategic review we announced in November 2022, we committed to look at a variety of alternatives to help enhance Manchester United, with a focus on delivering success for our men’s, women’s and Academy teams.

“Sir Jim and INEOS bring a wealth of commercial experience as well as significant financial commitment into the Club. And, through INEOS Sport, Manchester United will have access to seasoned high-performance professionals, experienced in creating and leading elite teams from both inside and outside the game. Manchester United has talented people right across the Club and our desire is to always improve at every level to help bring our great fans more success in the future.”

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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