Manchester United confirms deal to sell up to 25% of EPL club to billionaire Jim Ratcliffe

Manchester United announced on Sunday that wealthy British billionaire Jim Ratcliffe has finally agreed to a deal of purchasing a minority share in the esteemed Premier League club, more than a year after it was initially put up for sale.

Ratcliffe, renowned as the owner of the petrochemicals conglomerate INEOS and one of the wealthiest person in Britain, has successfully got a stake of "up to 25%" in the club, which has won the league title 20 times. Additionally, Ratcliffe has committed to investing a substantial amount of total $300 million into the iconic Old Trafford stadium. Furthermore, as part of this agreement, Manchester United has appointed Ratcliffe to oversee the club's soccer operations. 

United announced that Ratcliffe will contribute $200 million on the conclusion of the agreement and an additional $100 million by the close of 2024. The overall value of the deal is estimated at approximately $1.6 billion, which includes the $300 million in funding. The Premier League's approval is required for the deal to proceed. 

Ratcliffe, a native of Failsworth in Greater Manchester, initially tried to purchase the majority share of around 69% owned by the Glazers, the American owners of the club.

As a local resident and a lifelong supporter of the club, I am delighted that we have reached an agreement with the Manchester United Board that grants us the responsibility for managing the club's football operations, Ratcliffe said.

While the club's commercial success has ensured financial resources for achieving success at the highest level, this potential has not been fully realized in recent times. With the expertise, knowledge, and talent from the wider INEOS Sport group, we aim to drive further improvements at the club and provide funds for future investments in Old Trafford, he added. 

Trawlers Limited, a company wholly owned by Ratcliffe, will provide the funding for the transaction, without any debt, according to United. The Glazers' previous purchase, which burdened the club with debt, as well as their perceived lack of investment and the dividends they have taken, has been heavily criticized by United fans.

Avram Glazer and Joel Glazer, United's executive co-chairmen and directors, said in the announcement that Sir Jim and INEOS will bring extensive commercial experience and a significant financial commitment to the club. Furthermore, through INEOS Sport, Manchester United will have access to highly skilled professionals with a track record of success in building and leading elite teams both within and outside of the sports industry.

The co-chairmen also emphasized their belief in the talented persons within the club and their ongoing commitment to improving at all levels in order to bring more success to the loyal fan base in the future. 

Last November, the Glazers announced their plans to find new investment and appointed US merchant bank Raine to oversee the process, including the possibility of a complete sale. Qatari banker Sheikh Jassim bin Hamad Al Thani was in competition with Ratcliffe to acquire the Glazers' stake in the club, who also own the Tampa Bay Buccaneers in the NFL. However, after prolonged negotiations, Sheikh Jassim withdrew his bid in October, leaving Ratcliffe in a position to acquire a minority share in the club. Sheikh Jassim consistently expressed his interest in a full takeover. 

United confirmed that Ratcliffe purchased each share for $33.