MOSCOW: UK billionaire Jim Ratcliffe, the owner of the chemical giant Ineos, has acquired a 25 per cent stake in English football club Manchester United, the football club said on Sunday, reported Sputnik.
“Manchester United plc (NYSE: MANU) announced today that it has entered into an agreement under which Chairman of INEOS, Sir Jim Ratcliffe, will acquire 25 per cent of Manchester United’s Class B shares and up to 25 per cent of Manchester United’s Class A shares and provide an additional US$300 million intended to enable future investment into Old Trafford [stadium],“ the club said in a statement, adding that US$200 million will be paid after the deal is closed, and another US$100 million by the end of 2024.
In addition, Ratcliffe’s Ineos will take over the management of Manchester United’s football operations, the statement read.
UK media reported that the deal was worth around 1.3 billion pounds (US$1.6 billion).
Previously, the sole owners of Manchester United shares were Avram Glazer and Joel Glazer, who bought the club in 2005 for US$1.34 billion. Fans of Manchester United have been actively expressing their dissatisfaction with the management of the club by the Glazer family over the past few years.–Bernama-Sputnik
