Manchester (AFP)
British billionaire Jim Ratcliffe has become a co-owner of shares in Manchester United, after the acquisition deal was officially completed on Tuesday, according to what the Red Devils club announced.
The 71-year-old businessman completed the acquisition of 25 percent of the club’s shares, according to the terms of the agreement reached, after meeting all conditions, including the approval of the English Football Association and the League.
Ratcliffe invested an additional $200 million to increase his stock portfolio, bringing his holding to “about 27.7 percent,” according to what was revealed.
Ratcliffe, who has been a United fan since childhood, must also put in an additional $100 million by December 31, 2024, a contribution earmarked for “future investments in the infrastructure of Old Trafford Stadium,” which raises the size of his commitment to 28.9 percent.
Ratcliffe commented in a statement, saying, “Becoming a partner in ownership of Manchester United is a great honor, and comes with great responsibility.”
He added about the official announcement: “The result means the deal is completed, but it is just the beginning of our journey to return Manchester United to the top of English, European and international football, with world-class facilities for our fans, so the work to achieve these goals will continue and accelerate from now.”
The announcement represents a positive conclusion to a long debate that began in November 2022, when the American Glazers family that owns the club announced that it was considering selling the club in whole or in part.
Ratcliffe faced competition from Sheikh Jassim bin Hamad bin Jabr Al Thani, Chairman of the Board of Directors of Qatar Islamic Bank, but the latter withdrew from the race in October 2023.
Ratcliffe is the founder of the Ineos Group, and is also an owner of the French club Nice and Lausanne in Switzerland. He will be responsible for football operations at the club that has won the English Premier League title 20 times and is aspiring to regain the title for the first time since 2013.
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