Manchester United, English Premier League (EPL) club, have announced that Jim Ratcliffe, British billionaire, has bought 25% of stake in Manchester United plc, the club’s parent company.
The club released a statement of the acquisition on Sunday.
According to the statement, Ratcliffe, the chairman of INEOS, acquired 25% of both class A and class B shares from the Glazer family, the majority shareholders and current owners of the club.
Manchester United hierarchy had announced intention to seek “strategic alternatives” on acquisition in November 2022, a path that has now concluded with Ratcliffe outbidding other suitors, including a billion-dollar bid from Saudi Arabia.
The fresh statement added that the acquisition includes the injection of $300 million into the club, while INEOS, the purchasing party, will be delegated to take over running the club’s football operations.
“Manchester United plc (NYSE: MANU) announced today that it has entered into an agreement under which Chairman of INEOS, Sir Jim Ratcliffe, will acquire 25 per cent of Manchester United’s Class B shares and up to 25 per cent of Manchester United’s Class A shares and provide an additional $300 million intended to enable future investment into Old Trafford,” it reads.
“As part of the transaction, INEOS has accepted a request by the Board to be delegated responsibility for the management of the Club’s football operations. This will include all aspects of the men’s and women’s football operations and Academies, alongside two seats on the Manchester United PLC board and the Manchester United Football Club boards.
