• Mon. May 20th, 2024

Jim Ratcliffe buys 25% of Manchester United

Sir Jim Ratcliffe buys 25% of Manchester united shares

Sir Jim Ratcliffe has agreed to buy a roughly $1.3bn stake in Manchester United, ending more than a year of uncertainty over the English football club’s ownership and highlighting continued investor appetite for sports assets.

The agreement to acquire the 25 per cent stake came after a last-ditch board meeting before Christmas to end weeks of delays to football’s highest-profile transaction and valued the club at about $6.3bn including debt.

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It is the latest in a series of record-breaking sports deals, including private equity tycoon Josh Harris’s $6bn acquisition of the Washington Commanders NFL franchise. British chemicals billionaire Ratcliffe and the Glazer family that owns Manchester United had agreed on the broad terms to buy a non-controlling stake in the English Premier League club in November, but a formal announcement had been repeatedly pushed back.

Ineos founder Sir Jim Ratcliffe said: “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 . . . we are here for the long term and recognise that a lot of challenges and hard work lie ahead.” However, he faces an uphill task to restore United to “the very top of English, European and world football”, as the club has fallen behind local rivals Manchester City in the battle for top honours.

Mbiydzela

mbiydzela
Mbiydze is a web and graphic designer, digital marketer, and founder of a group of companies including CHEETAH CAMEROON, MBIYDZELA DIGITAL and PULSEBEAT ENTERTAINMENT  He is an ambitious entrepreneur with experience in various fields.
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