Change at Manchester United: Football operations pass to Ratcliffe!

A stake in English Premier League side Manchester United has been sold. It has been announced that 27.7% of the club's shares were sold to INEOS owner Jim Ratcliffe for 1 billion 250 million pounds.

Following a process that lasted approximately two years, the sale means that while the majority stake in the club remains with the Glazer family—who have long been protested by United fans—the management of the football team has passed to Ratcliffe.

It was noted that in addition to the amount paid for the shares, Ratcliffe will provide 236 million pounds for the renovation of Old Trafford.

In a statement regarding the matter, Manchester United said, “Manchester United is pleased to confirm that Sir Jim Ratcliffe has completed his acquisition of 27.7% of the club’s shares, following the satisfaction of all conditions, including approvals from the FA and the Premier League.”

"A GREAT HONOR AND RESPONSIBILITY"

Jim Ratcliffe stated, “Becoming a co-owner of Manchester United is a great honor and carries a great responsibility. This marks the beginning of our journey to take Manchester United back to the pinnacle of European and world football… Our work to achieve these goals will accelerate starting today.”

WHO IS ARTHUR RATCLIFFE?

Sir James Arthur Ratcliffe is a British billionaire, chemical engineer, and businessman. Ratcliffe is the chairman and chief executive officer of the INEOS chemicals group, which he founded in 1998.

In May 2018, Ratcliffe became the wealthiest person in the United Kingdom with a net worth of 21.05 billion dollars. As of May 2023, his net worth was estimated at 29.688 billion dollars in the Sunday Times Rich List 2023.

Ratcliffe also held talks to purchase Chelsea after Roman Abramovich announced he was putting the London club up for sale, but those negotiations did not result in a deal.

Ratcliffe is also the owner of French Ligue 1 side Nice and Swiss League team Lausanne.

News Source: 12punto