Manchester United confirmed this Sunday the sale of 25% of its shares to British billionaire Jim Ratcliffe, owner of INEOS, the fourth largest chemical company in the world. The Glazer family, which has owned the club since 2005, initiated a partial or full sale process last year to obtain new investment and with the arrival of Ratcliffe it closes this chapter aimed at maintaining the club's financial success and to revive sporting success. declining since 2013, the year Alex Ferguson retired and the year the last Premier League was won.
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As part of the deal, Ratcliffe will be responsible for the club's sporting activities and will inject an additional £300 million (€330 million) into United's coffers, both for investment in transfers and the redevelopment of the Old Trafford stadium. “As part of the transaction, INEOS has accepted the board’s request to take responsibility for the club’s football operations. “This will include all aspects of operations for the men’s and women’s teams, as well as the youth team,” United said in a statement.
Manchester United agrees for INEOS chairman Sir Jim Ratcliffe to acquire up to 25% stake in the company.#MUFC
— Manchester United (@ManUtd) December 24, 2023
Ratcliffe presented the offer that most convinced the Glazers, having also tried to buy the entire club for an amount in excess of £5,000 million, a sum also offered by Qatar, which, however, was unwilling to to accept a simple stake in Manchester United. Although the Glazers' original intentions were to sell the club, which they bought for £790 million in 2005, offers appeared to be tight as they valued United at over £6,000 million.
Approval can take six to eight weeks
This purchase will now have to go through a Premier League approval process, which can take between six and eight weeks. “We are delighted to have reached this agreement with Sir Jim Ratcliffe and INEOS. As part of the strategic review we announced in November 2022, we are committed to examining a range of alternatives to help improve Manchester United, with a focus on the men's team, the women's team and the youth team. “Sir Jim and INEOS bring extensive commercial experience and financial commitment to the club,” said Avram and Joel Glazer.
“As a Manchester boy and a lifelong fan of the club, I am delighted that we have been able to reach an agreement that will give us responsibility for United’s business. The club's commercial success has ensured there has always been money available to win trophies, but this potential has not been realized in recent times. We are here for the long haul and know that there are many challenges and a lot of work ahead of us, which we are tackling with care, professionalism and passion. “Our aim is clear: we want to see United back where they belong, at the top of English, European and world football,” said Ratcliffe.
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