 "Sir Jim Ratcliffe seals £1.3bn deal, acquires 27.7% stake in Manchester United")
synopsis
Petrochemicals tycoon Sir Jim Ratcliffe completes a landmark £1.3bn acquisition, securing a 27.7% stake in Manchester United.
Sir Jim Ratcliffe has officially completed the purchase of a quarter of Manchester United in a £1.3bn deal, diminishing the Glazer family's stake and valuing the club at over £5bn. The petrochemicals billionaire, a lifelong United fan and Ineos company founder, utilized his personal funds and Trawlers Limited, his company named after a quote from Eric Cantona, for the transaction. Ratcliffe will assume control of football operations and has initiated changes at United, appointing Omar Berrada as the new chief executive and targeting Dan Ashworth for a role at Old Trafford.
Additionally, he plans to invest $300m (£238m) in infrastructure, potentially directed towards stadium development. Ratcliffe expressed honour and responsibility as co-owner, with the goal of returning Manchester United to the pinnacle of football. Joel Glazer, executive co-chairman, welcomed Ratcliffe, emphasising collaboration for the club's prosperous future.
The Glazer family will remain the largest shareholders, while Ratcliffe's investment received approval from the FA and the Premier League after passing regulatory tests. This marks the conclusion of a 15-month process that began with the Glazers exploring sale options in November of 2022.
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