In a significant development, INEOS Chairman Jim Ratcliffe has finalized a $1.25 billion deal to become a co-owner of Manchester United. Ratcliffe, who will also invest $300 million into the club’s infrastructure and oversee their football operations, expressed his honor and sense of responsibility in a statement on Tuesday.
Ratcliffe emphasized that while the deal marks its completion, it signifies just the beginning of their journey to restore Manchester United to the summit of English, European, and world football, accompanied by state-of-the-art facilities for the fans. He pledged an acceleration of efforts towards achieving these objectives starting immediately.
Despite facing hurdles, including Premier League approval, which was secured last week, the ownership transition is now set to proceed. Under the agreement, the Glazer family, who have owned United since 2005, will maintain a majority stake in the club, while Ratcliffe’s INEOS Group will assume control of football operations.
Executive co-chairman Joel Glazer extended a warm welcome to Sir Jim as co-owner, expressing anticipation for a fruitful collaboration to shape a bright future for Manchester United.
Ratcliffe’s acquisition comprises 25% of the team’s class B shares, predominantly held by the Glazer family, and up to 25% of its class A shares, listed on the New York Stock Exchange. The 71-year-old Ratcliffe, a lifelong United supporter, described ownership in the club as the most thrilling venture of his life.
Currently, the 20-time English champions occupy the sixth position in the league standings.
Source: ghmediahub
