British billionaire Jim Ratcliffe has acquired a minority stake in the football club Manchester United. The INEOS CEO will pay $33 per share value for a 25% stake in Manchester United, giving the club an enterprise value of $6.4 billion, a Reuters report said on Sunday. In a statement, Manchester United said that Jim Ratcliffe provided an additional $300 million intended to enable future investment into Old Trafford, a football stadium in Greater Manchester.
INEOS has agreed to the Board’s request to assume authority for overseeing the football operations of the Club. This encompasses comprehensive management of both men’s and women’s football operations, as well as the Academies. Additionally, INEOS will hold two positions on both the Manchester United PLC board and the Manchester United Football Club boards.
‘INEOS bring a wealth of commercial experience’
“We are delighted to have agreed this deal with Sir Jim Ratcliffe and INEOS. As part of the strategic review we announced in November 2022, we committed to looking at a variety of alternatives to help enhance Manchester United, with a focus on delivering success for our men’s, women’s, and Academy teams,” Executive Co-Chairmen and Directors, Avram Glazer and Joel Glazer said as per the statement.
“Sir Jim and INEOS bring a wealth of commercial experience as well as a significant financial commitment to the Club. 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. Manchester United has talented people right across the Club and our desire is to always improve at every level to help bring our great fans more success in the future,” they added.
‘Committed drive the Club forward’
Jim Ratcliffe said that the INEOS Sport group is helping drive further improvement at the Club and also provides funds intended to enable future investment into Old Trafford. The billionaire added that his company is committed to driving the Club forward.
“As a local boy and a lifelong supporter of the Club, I am very pleased that we have been able to agree on 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,” Jim Ratcliffe said.
“We are here for the long term and recognize that a lot of challenges and hard work lie ahead, which we will approach with rigor, 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,” he added.
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Published: 24 Dec 2023, 10:31 PM IST