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New prospects for United
The agreement also sees Ratcliffe’s INEOS group, which produces petrochemicals, plastics and other products, take over the club’s football operations.
Qatar’s Sheikh Jassim Al Thani also considered purchasing the club, but withdrew from the process.
The agreement ends more than a year of uncertainty over the future of Manchester United. The club’s majority owners, the Glazer family, said in November 2022 that they were considering strategic options, including a possible sale.
The Glazers were heavily criticized by fans for leading the club into decline after the departure of legendary Alex Ferguson in 2013.
What is Ratcliffe planning?
Ratcliffe, a Manchester United fan since childhood, said he was “really excited” about the opportunity to lead the club. He stated that the team’s potential has not been tapped both on the field and in the financial sector.
“We are bringing in global knowledge, experience and talent to help further improve the club, while also providing funds earmarked for future investment at Old Trafford,” the 71-year-old billionaire said.
As the publication notes, Ratcliffe bought shares at a price of $33 per share. The club’s total value is estimated at $6.3 billion, including debt. Ratcliffe plans to invest $300 million into the club over the next two years.
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This investment is expected to be used to improve the team, stadium and other infrastructure facilities of the club.
Ratcliffe’s arrival could mean a new beginning for Manchester United. The club have not won a Premier League trophy since 2013 and their fans have long demanded change.
Ratcliffe has a reputation as a successful businessman and has a background in sports. He is the owner of the French Ligue 1 football club Nice and works with Racing Club Abidjan from the Ivory Coast’s first league.
2023-12-25 09:50:00
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