Jim Ratcliffe acquires 25% stake, becomes minority shareholder of Manchester United | Football News

Ineos Chief Executive Jim Ratcliffe on Sunday became a minority shareholder in Manchester United, buying a 25% stake at a price of $33 per share, the club said.
“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. As part of the transaction, INEOS has accepted a request 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,” the statement from the Premier League outfit read.
“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. 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 said in a statement.

Manchester United reaches agreement for Sir Jim Ratcliffe, Chairman of INEOS, to acquire up to a 25% shareholding in the Company.#MUFC
— Manchester United (@ManUtd) December 24, 2023
“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,” he added.
Qatar’s Sheikh Jassim bin Hamad al Thani was also looking to buy the club but dropped out of the bidding process, saying he would not be raising his $6 billion offer, leaving the British billionaire to strike a deal with the owners, the Glazer family.
United, meanwhile, are struggling on the field with the club getting handed their 13th loss of the season when they went down 2-0 to West Ham on Saturday, which led to them to languish at the 8th position in the Premier League.
(With Agency Inputs)