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December 29 – The long-awaited sale of 25% of Manchester United to Sir Jim Ratcliffe’s Ineos Group for £1.03 billion has been completed.
The Glazer family – unloved by Manchester United fans – will retain control of the club though Ratcliffe’s Ineos group take over management of the club’s football operations and wll inject a further £300 million in cash into the club.
Ratcliffe is buying 25% of the club’s class B shares and up to 25% of its class A shares, which are listed on the New York Stock Market. The shares are worth $33 per share. The Glazer family will retain 69% of the club, and almost all the voting rights.
The deal ends more than a year of uncertainty after the Glazer family, said in November 2022 they were looking at strategic options for the club ownership.
The Glazers have come under heavy criticism from fans for the decline in the club’s performance since former manager Alex Ferguson retired in 2013 following a period of unprecedented success.
“As a local boy and a lifelong supporter of the club, I am very pleased that we have been able to agree a deal with the Manchester United Board that delegates us management responsibility of the football operations of the club,” Ratcliffe, 71, said in a statement.
“Whilst the commercial success of the club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times.
“We will bring the global knowledge, expertise and talent from the wider Ineos Sport group to help drive further improvement at the Club, while also providing funds intended to enable future investment into Old Trafford.”
Qatar’s Sheikh Jassim bin Hamad al Thani had also looking at buying the club but dropped out of the process.
Ratcliffe’s Ineos also owns French Ligue 1 club Nice and Swiss side FC Lausanne-Sport. In cycling Ratcliffe owns the Ineos Grenadiers team.
“Sir Jim and Ineos bring a wealth of commercial…
Source link : https://www.insideworldfootball.com/2023/12/30/ratcliffe-ineos-complete-1-03bn-man-utd-buy-take-control-operations/
Author : Paul Nicholson
Publish date : 2023-12-30 21:22:59
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