MANCHESTER, England — Celebrated British billionaire Sir Jim Ratcliffe has set his sights on propelling Manchester United to the summit of English, European, and global football following the successful acquisition of a minority stake in the revered club on Tuesday.
The 71-year-old magnate invested a staggering $1.3 billion for up to 25% of United, further solidifying his commitment by injecting an additional $200 million for supplementary shares, thereby securing approximately 27.7% ownership, as confirmed by the club.
In a strategic move, Ratcliffe plans to infuse an additional $100 million by December 31 to facilitate prospective investments in Old Trafford’s infrastructure, underscoring his dedication to enhancing the club’s facilities.
Having received the green light from the English Football Association and Premier League, adhering to regulations governing club ownership, Ratcliffe, the influential figure behind petrochemicals behemoth INEOS, is poised to make a lasting impact on Manchester United.
The transaction materialized following the Glazer family’s decision to relinquish a minority stake in the 20-time English champions. The Glazers, who also boast ownership of the Tampa Bay Buccaneers, opted for Ratcliffe after entertaining offers, including one from Qatari banker Sheikh Jassim bin Hamad Al Thani.
Expressing his gratitude, Ratcliffe stated in a press release, “To become co-owner of Manchester United is a great honor and comes with great responsibility. This marks the completion of the transaction, but just the beginning of our journey to take Manchester United back to the top of English, European, and world football, with world-class facilities for our fans. Work to achieve those objectives will accelerate from today.”
United, a club with a storied history, last clinched the Premier League title in 2013 under the management of Sir Alex Ferguson, concluding his remarkable 27-year tenure. Additionally, their most recent Champions League triumph dates back to 2008.
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