Manchester United sells 25% ownership to Jim Ratcliffe
CNN
Manchester United announced Sunday that British petrochemical billionaire Sir Jim Ratcliffe purchased a 25% stake in the famed English Premier League soccer club.
Manchester United announced Sunday that British petrochemical billionaire Sir Jim Ratcliffe purchased a 25% stake in the famed English Premier League soccer club. The sale was confirmed by Manchester United and Ratcliffe-controlled INEOS, a London-based multinational conglomerate. INEOS said in a statement that Ratcliffe will acquire 25% of the club’s Class B shares and up to 25% of its publicly available Class A shares “and provide an additional $300 million intended to enable future investment into Old Trafford,” the club’s historic stadium. The Glazer family, which owns the majority of the club, and Class A shareholders will receive the same price of $33.00 per share, the club said. On Friday, shares of Manchester United (MANU) closed at $19.81. In May, Forbes valued Manchester United at $6 billion, just behind Real Madrid as the world’s most valuable soccer club. Shares of Manchester United had been down nearly 13% in 2023. The deal still requires approval from the English Premier League. “We are delighted to have agreed (to) this deal with Sir Jim Ratcliffe and INEOS,” said Avram Glazer and Joel Glazer, Manchester United’s executive co-chairmen and directors, in a statement. “As part of the strategic review we announced in November 2022, we committed to look at a variety of alternatives to help enhance Manchester United, with a focus on delivering success for our men’s, women’s and Academy teams.”
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