On Sunday, British businessman Jim Ratcliffe agreed to buy a 25% share in Manchester United and committed to invest $300 million in the English Premier League soccer club to try to turn its fortunes around.
The agreement, which will also see Ratcliffe’s INEOS firm take over control of the club’s soccer operations, ends more than a year of uncertainty after the Glazer family, the club’s principal owners, stated in November 2022 that they were considering strategic options.
Fans have slammed the Glazers for presiding over a downturn in the club’s performance after former manager Alex Ferguson retired in 2013 after a period of unmatched success.
“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,” 71-year-old Ratcliffe said in a statement.
“While the club’s commercial success has ensured that there have always been funds available to win trophies at the highest level, this potential has not been fully realized 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.”
According to a source acquainted with the situation, Ratcliffe’s stake purchase at US$33 per share values the 20-time English champions at US$6.3 billion including debt.
The club stated that the first $200 million of Ratcliffe’s proposed investment will be paid at the closure of the deal, followed by another $100 million by the end of 2024.
Sheikh Jassim bin Hamad al Thani of Qatar was also interested in purchasing the club, but backed out after claiming he would not boost his US$6 billion bid.
Ratcliffe’s INEOS also owns Nice of the French Ligue 1, FC Lausanne-Sport of the Swiss Super League, and Racing Club Abidjan of the Ivory Coast’s Ligue One. It is also the driving force behind the Grenadiers, one of the most successful cycling teams in the world.