More than a year after being put up for sale, Manchester United has announced a deal with British billionaire Jim Ratcliffe to sell a minority stake in the Premier League club. Ratcliffe, who is the owner of petrochemicals giant INEOS and one of the richest people in the UK, will invest $300 million in the club’s Old Trafford stadium and secure a stake of up to 25 per cent in the 20-time league champions. In addition to his investment, Ratcliffe will take responsibility for the club’s soccer operations. The deal is subject to approval by the Premier League.
Ratcliffe had originally bid to buy the majority share of around 69 per cent held by the Glazers, Manchester United’s American owners. However, the agreement now sees him acquiring a minority stake instead. As part of the deal, Ratcliffe will provide $200 million upon completion of the transaction, with a further $100 million to be invested by the end of 2024. The overall worth of the deal, including the funding, will be around $1.6 billion.
United fans have long been critical of the Glazers’ ownership, citing their leveraged buyout that burdened the club with debt, as well as perceived lack of investment and dividends taken out by the owners. Ratcliffe’s deal, which will be funded by Trawlers Limited, a company fully owned by him, aims to address some of these concerns.
Ratcliffe, who was born in Greater Manchester, expressed his satisfaction with the agreement, saying, 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. He also emphasized his commitment to unlocking the club’s potential and contributing funds for future investment in Old Trafford.
The executive co-chairmen and directors of Manchester United, Avram Glazer and Joel Glazer, welcomed Ratcliffe’s involvement, highlighting the commercial experience and financial commitment he brings, as well as the access to seasoned high-performance professionals through INEOS Sport, which will aid the club in bringing more success to its fans.
Ratcliffe was in competition with Qatari banker Sheikh Jassim bin Hamad Al Thani to buy out the Glazers, who also own the NFL’s Tampa Bay Buccaneers. However, Sheikh Jassim later withdrew his bid, leaving Ratcliffe to pursue the minority stake.
The sale of the stake to Ratcliffe marks a significant development in Manchester United’s ownership structure. With Ratcliffe’s investment and expertise, the club aims to improve its performance both on and off the field, while addressing concerns raised by fans regarding investment and debt. The deal is expected to receive approval from the Premier League, paving the way for Ratcliffe’s involvement in the renowned football club.
