INEOS’s Jim Ratcliffe agrees deal to buy 25 percent of Manchester United | Football News – Times of India

INEOS's Jim Ratcliffe agrees deal to buy 25 percent of Manchester United | Football News - Times of India

New Delhi: British billionaire… Jim Ratcliffe On Sunday, it struck a long-awaited deal to buy a 25 percent stake (a reported 1.6 billion). Premier League Club Manchester United and pledged to invest $300 million in the club to try to revive its fortunes.
The deal, which will also feature Ratcliffe. INEOS The group took over the club’s football operations, ending more than a year of uncertainty after majority owners, the Glazer family, said in November 2022 they were considering strategic options.
A club statement said: “Manchester United has announced that it has entered into an agreement whereby Sir Jim Ratcliffe, chairman of INEOS, will acquire 25 per cent of Manchester United’s Class B shares and 25 per cent of Manchester United’s Class A shares. will acquire and provide up to a 25 per cent stake.The additional $300 million is intended to enable future investment at Old Trafford.
“As part of the transaction, INEOS has accepted the board’s request to hand over responsibility for the management of the club’s football operations.”
Ratcliffe said he wanted to see United back to the top of European football and committed himself to the long-term.
“As a local boy and lifelong supporter of the club, I am delighted that we have been able to reach an agreement with the Manchester United board which gives us management responsibility for the club’s football operations,” he said.
“While the club’s commercial success has ensured that funds have always been available to win trophies at the highest level, this potential has not been fully unlocked in recent times.
“We will bring global knowledge, skills and talent from the wider INEOS Sport group to help drive further improvement at the club.”
The deal ends more than 12 months of speculation over the ownership situation and ushers in a new era for the beleaguered Premier League club.
Unpopular owners the Glazers, who bought the club for £790 million in 2005, announced in November 2022 that they were considering “strategic alternatives” to help United grow, starting a long process.
Ratcliffe and Qatari banker Sheikh Jassim bin Hamad al-Thani made rival offers in the region of £5 billion for the full takeover, but fell short of the Glazers’ value.
Sheikh Jassim withdrew from the process, while Ratcliffe continued with a minority stake.
United have not been crowned Premier League champions since Alex Ferguson’s last season in charge in 2013.
They are eighth in the Premier League, 12 points behind leaders Arsenal, and have been knocked out of the League Cup and Champions League.
Manager Erik ten Hague’s position is also likely to come under closer scrutiny after the Dutch coach failed to end United’s six-year trophy drought by winning the League Cup last season.
Ratcliffe’s group has extensive involvement in sport, including French Ligue 1 club Nice and Swiss side Lausanne-Sport, as well as the INEOS Grenadiers cycling team.
(with input from AFP)

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