By Selcuk Bugra Gokalp
Manchester United announced Sunday that British billionaire Sir Jim Ratcliffe has agreed to purchase a minority stake in the English Premier League club.
Ratcliffe, who owns petrochemicals giant INEOS, will acquire 25% of Man United’s Class B shares, previously exclusively held by owners the Glazer family, and up to 25% of the club’s Class A shares, which are traded on the New York Stock Exchange.
In addition to a $300 million fund which is intended to enable future investment in Old Trafford stadium, Ratcliffe has also accepted a request by the club’s board to take responsibility for managing Manchester United’s football operations, the statement added.
"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," said Ratcliffe.
"We are delighted to have agreed this deal with Sir Jim Ratcliffe and INEOS," said Executive Co-Chairmen and Directors Avram Glazer and Joel Glazer in a statement.
“As part of the strategic review we announced in November 2022, we committed to look at a variety of alternatives to help enhance Manchester United, with a focus on delivering success for our men's, women's and academy teams.”
The US-based Glazer family bought the club for £790 million ($939.07 million) in 2005.