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A statue of George Best, Dennis Law and Bobby Charlton stands outside Old Trafford, the home of Manchester United, in Manchester, England.
Mike Hewitt | Getty Images Sport | getty images
LONDON – Manchester United will announce next week that British petrochemicals billionaire Jim Ratcliffe will take a 25% stake in the football club, Sky News reported on Monday.
The founder and CEO of INEOS Group has long been linked with a takeover of the prestigious club, and Sky News reports that the deal will see Ratcliffe acquire 25% of the club’s listed A-shares for $33 billion, worth £1.25 billion ($1.58 Billion) will have to be paid. -A stock deal.
According to the report, he will also acquire 25% of the existing majority owners of B-shares from the Glazer family, which have more voting rights. Manchester United shares were down 0.3% in pre-market trading on Monday.
Ratcliffe is expected to contribute approximately £245 million of his personal wealth to upgrade the club’s aging infrastructure as part of the deal.
Both INEOS and Manchester United have been contacted for comment.
Having controlled the club since 2005, the Glazer family formally began exploring a sale in November 2022 following years of poor performances on the pitch and massive fan protests compared to the club’s illustrious history.
Manchester United is currently seventh in the English Premier League and is on the verge of crashing out of the European Champions League in the group stage.
Although the most successful club in English football history, the Red Devils have been outclassed over the past decade by bitter crosstown rivals Manchester City, winners of last season’s Premier League, Champions League and domestic cup competitions.
