Jim Ratcliffe, a British businessman and billionaire, entered into an agreement on Sunday 24 December to purchase a 25% stake in Manchester United, England's most successful football club. Reuters writes about this.
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New prospects for United
The agreement also provides that Ratcliffe’s INEOS group, which produces petrochemicals, plastics and other goods, will take over himself to manage the club's football operations.
Sheikh of Qatar Jassim Al Thani also considered purchasing the club, but withdrew from the process.
The agreement ends more than a year of uncertainty over Manchester United's future. The club's majority owners, the Glazer family, said in November 2022 that they were considering strategic options, including a possible sale.
The Glazers were heavily criticized by fans for leading the club to its demise after leaving the legendary Alex Ferguson in 2013.
What is Ratcliffe planning
Ratcliffe, a Manchester United fan since childhood, said he was “really excited” to take over the club. He stated that the team's potential has not been revealed both on the field and in the financial sector.
“We are attracting global knowledge, experience and talent to help further improve the club, while also providing funds earmarked for future investment in Old Trafford,” said the 71-year-old billionaire.
As the publication notes, Ratcliffe bought shares at a price of $33 per share. The club's total value is estimated at $6.3 billion, including debt. Ratcliffe plans to invest $300 million into the club over the next two years.
This investment is expected to be used to improve the team, stadium and other club infrastructure.
Parish Ratcliffe could mean a new beginning for Manchester United. The club has not won a Premier League trophy since 2013, and its fans have long demanded change.
Ratcliffe has a reputation as a successful businessman and has experience in sports. He is the owner of the French Ligue 1 football club Nice and collaborates with Racing Club Abidjan from the Ivorian First League.