‘Local boy’ Jim Ratcliffe takes 25 per cent stake in Manchester United
- Ratcliffe’s company Ineos will also take on the management of Manchester United’s football operations and invest US$300 million in the club
- Qatar’s Sheikh Jassim bin Hamad al Thani had also been looking to buy the club but dropped out, saying he would not be raising his US$6 billion offer
British billionaire Jim Ratcliffe struck a long-awaited deal on Sunday to buy a 25 per cent stake in Manchester United and pledged to invest US$300 million in the English Premier League football club to try to revive its fortunes.
The deal, which will also see Ratcliffe’s Ineos group take over management of the club’s football operations, ends more than a year of uncertainty after majority owners, the Glazer family, said in November 2022 they were looking at strategic options.
The Glazers have come under heavy criticism from fans for presiding over a decline in the club’s performance since former manager Alex Ferguson retired in 2013 following a period of unprecedented success.
Neville says ‘whole of Man Utd needs disrupting’ as Ratcliffe arrival looms
“As a local boy and a lifelong supporter of the club, I am very pleased that we have been able to agree a deal with the Manchester United Board that delegates us management responsibility of the football operations of the club,” Ratcliffe, 71, said in a statement.
“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.”
Ratcliffe’s stake purchase at US$33 per share values the 20 times English champions at US$6.3 billion including debt, a source familiar with the matter said.
The club said US$200 million of Ratcliffe’s planned investment would be paid on closing of the deal, and a further US$100 million by the end of 2024.
Ratcliffe’s Ineos also owns French Ligue 1 club Nice, Swiss Super League side FC Lausanne-Sport, and works with Racing Club Abidjan of Ivory Coast Ligue One. It is also behind the Grenadiers, one of the world’s most successful cycling teams.
“Sir Jim and Ineos bring a wealth of commercial experience as well as significant financial commitment into the club,” United’s executive chairmen Avram Glazer and Joel Glazer said.
“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.”
Since Ferguson stepped down, United have cycled through five permanent managers and three caretakers but failed to recapture the glory days, winning one FA Cup, two League Cup trophies and a Europa League title in 11 years.
The Glazers’ adamant stance on not selling the club over the years has become a source of frustration for the fans who clamoured for change and held protests as the club’s net debt soared to more than US$600 million.
Under Dutch coach Erik Ten Hag, United are eighth in the Premier League table despite a transfer outlay of nearly €1 billion (US$1.1 billion) in the last six years.
They were also knocked out of European competitions after finishing last in their Champions League group.
