British billionaire eyes Manchester United shares
Manchester United is set to announce next week that British petrochemical billionaire Jim Ratcliffe will acquire a 25 percent stake in the football club...
12punto
According to a report by Sky News, the founder and CEO of Ineos Group has long been interested in taking over the club, and Ratcliffe will pay 1.25 billion pounds (1.58 billion dollars) to purchase 25 percent of the club's publicly traded A shares at 33 dollars per share.
Shares on the rise
The Glazer family will also retain 25 percent of their existing majority shares, which will carry greater voting rights. Manchester United shares rose 1.5 percent in Monday morning trading.
As part of the deal, Ratcliffe is expected to commit approximately 245 million pounds of his personal wealth to improve the club's aging infrastructure.
Pressure to sell following protests
The Glazer family, who have managed the club since 2005, officially began exploring a sale in November 2022 following years of underperformance on the pitch compared to the club's illustrious history and mass protests by fans.
Manchester United is currently seventh in the English Premier League and is on the verge of exiting the UEFA Champions League at the group stage.
Despite being the most successful club in English football history, the Red Devils have been overshadowed over the last decade by their arch-rivals Manchester City, who were the Premier League, Champions League, and domestic cup champions last season.