British billionaire Jim Ratcliffe has agreed a deal to buy a 25 percent stake in Manchester United for a reported £1.25 billion (US$1.6 billion) and will take control of the Premier League club’s football operations.
Ratcliffe, the chairman of petrochemicals giant INEOS, will also provide substantial funds for future investment in the club’s Old Trafford stadium.
A club statement said Ratcliffe “will acquire 25 percent of Manchester United’s Class B shares and up to 25 percent of Manchester United’s Class A shares and provide an additional US$300 million intended to enable future investment into Old Trafford”.
“As part of the transaction, INEOS has accepted a request by the board to be delegated responsibility for the management of the club’s football operations,” it added.
Ratcliffe said he wanted to see the struggling 20-time English champions back on top of European football and committed himself for the long term.
“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,” he said.
“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.
Manager Erik Ten Hag’s position is also likely to come under close scrutiny after the Dutch coach failed to build on ending United’s six-year trophy drought by winning the League Cup last season.
Manchester United Supporters Trust (MUST) said fans would be left with “mixed feelings”, with the Glazers still in overall charge at Old Trafford.
“During 18 years of debt, decay and mismanagement, Manchester United fans have loudly and consistently called for change at our club,” MUST said in a statement.
“When the so-called strategic review was announced nearly a year ago, it finally appeared that the sale of the club was on the horizon, potentially bringing the new investment and new direction MUFC so clearly needs.
“Against that backdrop, fans have very mixed feelings today. We welcome the investment from a boyhood red, Sir Jim Ratcliffe and his INEOS company, but many will wish his ownership stake was greater.”
