In a significant development in the football world, British billionaire Jim Ratcliffe has acquired a minority stake in Manchester United, one of the most prestigious clubs in the Premier League. Ratcliffe, known for owning the petrochemical giant INEOS, has agreed to purchase up to 25% of the club, investing a substantial USD 300 million primarily for the refurbishment of the Old Trafford stadium.
This move marks a pivotal shift in the management structure of Manchester United. Ratcliffe, a native of Failsworth, Greater Manchester, and a lifelong fan of the club, will now take over the responsibility of the club’s soccer operations. His initial attempt was to acquire a majority share from the American Glazer family, who currently own about 69% of the club. Follow your favourite Premier League team with attractive football betting odds from Nextbet.
Ratcliffe’s involvement is expected to have a significant impact on the club’s future, both on and off the pitch. He expressed his enthusiasm about the deal, emphasizing his intention to unlock the club’s potential which, according to him, has not been fully realized in recent times. His strategy includes leveraging the global expertise and resources of the INEOS Sport group to drive improvements at Manchester United.
The Glazer family, represented by Avram and Joel Glazer, acknowledged the wealth of commercial experience and the financial commitment that Ratcliffe and INEOS bring to the table. They highlighted the potential benefits of having access to high-performance professionals from INEOS Sport, which could contribute to the club’s development.
The acquisition process began last November when the Glazers announced their intention to seek new investment, enlisting the services of the US merchant bank Raine to oversee the proceedings. This included the possibility of selling the club entirely, a scenario that has been a subject of much speculation among fans and analysts alike.
With this new partnership, Manchester United is poised to embark on a new chapter, aiming to restore its former glory and achieve greater success in the future. The investment in Old Trafford and the club’s soccer operations is seen as a significant step towards achieving these ambitious goals. Get the latest updates from the world of football only on Nextbet Sports.