British billionaire Jim Ratcliffe has agreed to buy a 25% stake in Manchester United valued at 1.25 billion pounds (1.43 billion euros), announced the businessman, founder of the petrochemical company Ineos, and the club’s owners English, currently controlled by the North American Glazer family. Ratcliffe is expected to additionally invest around 300 million euros in Old Trafford, Manchester’s iconic stadium. In February, the Glazers refused around five billion euros from Qatar for the club.
United is going through a crisis of sporting results, with a performance in recent years, in the post-Alex Ferguson era, below its historical status as former European football champion and chronic English champion. The club’s North American owners have been the target of growing opposition from fans. A year ago, on the same day that Cristiano Ronaldo’s departure from Manchester was agreed, the Glazers said they wanted to sell the club.
But according to what is now revealed by the British press, and contrary to the expectations of fans and critics of the club’s management, the Glazers are expected to maintain majority control of United. However, Ratcliffe and Ineos Sport, the petrochemical company’s sports investment arm, are expected to take over football management.
“Although the club’s commercial success has ensured that there will always be funds available to win trophies at the highest level, this potential has not been unlocked in recent times,” Ratcliffe acknowledged in a statement. “We will bring the wider global knowledge and talent from the Ineos Sport group to help improve the club,” he adds.
“Our shared ambition is clear: we all want to see Manchester United back where we belong: at the top of English, European and world football,” he says.
Ineos is co-owner of the Mercedes Formula 1 team and owner of the Ineos Grenadiers cycling team (formerly Team Sky). In football, it holds Nice and Lausanne. It is also an important sponsor in sailing, rugby and athletics.
The agreement announced this Sunday still requires validation from regulatory authorities.
2023-12-24 17:11:46
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