LONDON — Manchester United is poised to make a significant announcement next week, revealing that British petrochemicals tycoon Jim Ratcliffe will acquire a 25% stake in the football club, as reported by Sky News on Monday.
Jim Ratcliffe, the founder and CEO of the Ineos Group, has been a longstanding figure in discussions regarding a potential takeover of the prestigious club. According to Sky News, the forthcoming agreement will involve Ratcliffe paying £1.25 billion ($1.58 billion) to secure a 25% share of the club’s listed A-shares, structured in a deal valued at $33 per share.
In addition to the A-shares, Ratcliffe will also acquire a corresponding 25% of the B-shares, which currently belong to the Glazer family, the majority owners. The B-shares come with enhanced voting rights. Following this news, Manchester United’s shares experienced a 1.5% increase on Monday.
As part of the anticipated deal, Ratcliffe is expected to allocate approximately £245 million from his personal wealth to initiate upgrades to the club’s aging infrastructure, offering a substantial investment for its revitalization.
While both Ineos and Manchester United have refrained from making official comments on the matter, the Glazer family, which has maintained control over the club since 2005, formally initiated the exploration of a sale in November 2022. This decision follows years of on-field underperformance compared to the club’s illustrious history and widespread fan protests.
Currently occupying the seventh position in the English Premier League, Manchester United faces the possibility of exiting the European Champions League in the group stages. Despite being the most successful club in English soccer history, the Red Devils have faced fierce competition over the past decade, particularly from their crosstown rivals Manchester City, who secured victories in the last season’s Premier League, Champions League, and domestic cup competitions.
