“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 stated.
Jim Ratcliffe, the chief executive of Ineos, acquired a 25% stake in Manchester United on Sunday, bringing his total ownership to 25%, the team announced.
“Manchester United plc (NYSE: MANU) announced today that it has reached an agreement whereby Sir Jim Ratcliffe, Chairman of INEOS, will purchase up to 25% of the Class A and 25% of the Class B shares of Manchester United in addition to providing an additional $300 million to support future Old Trafford investments. The Board requested that INEOS be given oversight of the Club’s football operations, and INEOS has granted this request as part of the transaction.
The Premier League team released a statement that said, “This will include two seats on the boards of Manchester United Football Club and Manchester United PLC, as well as all aspects of the men’s and women’s football operations and Academies.”
As a lifetime fan of the club and a local guy, I’m thrilled that we were able to reach an agreement with the Manchester United Board that gives us managerial control over the club’s football operations. Although the Club’s financial prosperity has guaranteed that money has always been available to win championships at the top level, this potential hasn’t been completely realized recently.In addition to giving monies meant to enable future investment into Old Trafford, we will leverage the worldwide knowledge, skills, and talent from the larger INEOS Sport company to assist drive further improvement at the Club,” Ratcliffe said in a statement.
Sheikh Jassim bin Hamad al Thani of Qatar was also interested in purchasing the team, but he withdrew from the running when he announced he would not increase his $6 billion proposal. This left the British billionaire to negotiate with the Glazer family, the club’s owners.
While all is going on, United is having trouble on the field. After suffering their 13th loss of the year to West Ham on Saturday, the team is currently sitting in eighth place in the Premier League.
