MANCHESTER UNITED’S PURCHASE BY RATCLIFFE COMPLETED – Jim Ratcliffe completes acquisition of a 25% stake in Premier League club
Billionaire Jim Ratcliffe’s acquisition of a 25% stake in Premier League club Manchester United has been completed.
The $1.25 billion deal, in which the INEOS chairman will also invest $300 million into the club’s infrastructure and take charge of their soccer operations, was struck in December.
The ownership deal still faced hurdles, including Premier League approval which was given last week.
The Glazer family have owned United since 2005 and will retain a majority stake in the club but Ratcliffe’s Ineos Group will take control of football operations.
Ratcliffe has agreed to purchase 25% of the team’s class B shares, largely held by the Glazer family, which contain almost all the voting rights, and up to 25% of its class A shares, which are listed on the New York Stock Exchange.
The 71-year-old Ratcliffe, who grew up a United fan, told reporters recently that ownership in the club is the most exciting endeavour of his life.
The 20-time English champions are sixth in the league.