British billionaire Jim Ratcliffe’s INEOS Group has completed the acquisition of a 25% stake in Manchester United.
In addition to the ownership stake, Ratcliffe and the INEOS Group will take on responsibility for United’s football operations, granting them authority over staff decisions and player signings.
The 71-year-old billionaire plans to invest an additional £237 million to refurbish the club’s infrastructure, addressing its existing financial challenges.
Ratcliffe said: “As a local boy and a lifelong supporter of the club, I am very pleased twe have been able to agree a deal with the Manchester United board that delegates us 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 are here for the long-term and recognise a lot of challenges and hard work lie ahead, which we will approach with rigour, professionalism and passion.
“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.”
British billionaire Jim Ratcliffe emerged as the preferred investor for Manchester United, securing a 25% stake in the club. The deal with Ratcliffe, who leads the INEOS Group, materialized after Qatari banker Sheikh Jassim withdrew from negotiations due to differences over a complete takeover from the Glazer family.
The American co-chairmen, Avram and Joel Glazer, expressed openness to a sale in November 2022, and Ratcliffe’s agreement to acquire a partial stake allows them to retain involvement in the club. The Glazers initially purchased Manchester United for £790 million in 2005.
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The Englishman also owns two clubs in French outfit Nice and Swiss-based Lausanne-Sport and failed with a bid to buy Chelsea from Roman Abramovich last year.
United say this deal is “subject to customary regulatory approvals” but are “hopeful it will be completed as soon as possible”.
It is understood that Premier League approval for Ratcliffe’s investment could take between four and six weeks.