Soccer-'Local boy' Ratcliffe takes stake in Manchester United
(Reuters) -British billionaire Jim Ratcliffe struck a long awaited deal on Sunday to buy a 25% stake in Manchester United (NYSE:MANU) and pledged to invest $300 million in the English Premier League soccer club to try to revive its fortunes.
The deal, which will also see Ratcliffe's INEOS group take over management of the club's soccer operations, ends more than a year of uncertainty after majority owners, the Glazer family, said in November 2022 they were looking at strategic options.
The Glazers have come under heavy criticism from fans for presiding over a decline in the club's performance since former manager Alex Ferguson retired in 2013 following a period of unprecedented success.
«As a local boy and a lifelong supporter of the club, I am very pleased that we have been able to agree a deal with the Manchester United Board that delegates us management responsibility of the football operations of the club,» Ratcliffe, 71, said in a statement.
«Whilst the commercial success of the club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times.
»We will bring the global knowledge, expertise and talent from the wider INEOS Sport group to help drive further improvement at the Club, while also providing funds intended to enable future investment into Old Trafford."
Ratcliffe's stake purchase at $33 per share values the 20 times English champions at $6.3 billion including debt, a source familiar with the matter said.
The club said $200 million of Ratcliffe's planned investment would be paid on closing of the deal, and a further $100 million by the end of 2024.
Qatar's Sheikh Jassim bin Hamad al Thani had also looking at buying the
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