Manchester United deal: Jim Ratcliffe takes minority stake, valuing football club at $6.4 billion – Magazine Creations

British billionaire Jim Ratcliffe has acquired a minority stake in Manchester United Football Club. The INEOS CEO will pay $33 per share value for a 25% stake in Manchester United, giving the club an enterprise value of $6.4 billion. Reuters The report said on Sunday. Manchester United said in a statement that Jim Ratcliffe provided an additional $300 million aimed at enabling future investment in Old Trafford, a football stadium in Greater Manchester.

INEOS has approved the Board of Directors’ request to assume oversight authority over the club’s football operations. This includes the overall management of men’s and women’s football operations, as well as the academies. In addition, INEOS will hold positions on the Board of Directors of Manchester United PLC and the Board of Directors of Manchester United Football Club.

“INEOS brings a wealth of business experience”

“We are delighted to have agreed this deal with Sir Jim Ratcliffe and INEOS. “As part of the strategic review we announced in November 2022, we are committed to considering a variety of alternatives to help strengthen Manchester United, with a focus on delivering success for our men’s, women’s and academy teams. “,” Co-CEOs and Directors Avram Glazer and Joel Glazer said, according to the statement.

“Sir Jim and INEOS bring a wealth of commercial experience as well as a significant financial commitment to the club. Through INEOS Sport, Manchester United will have access to experienced, high-performing professionals, experienced in creating and leading elite teams from inside and outside the game. They added:” “Manchester United have talented people throughout the club and our desire is to always improve at every level to help deliver even greater success for our great fans in the future.”

“Committed to taking the club forward.”

Jim Ratcliffe said the INEOS Sport Group is helping to drive further improvement at the club and is also providing funds earmarked to enable future investment at Old Trafford. The billionaire added that his company is committed to taking the club forward.

“As a local young man and lifelong supporter of the club, I am very pleased that we have been able to agree a deal with the Manchester United board that devolves on us responsibility for running the club’s football operations. While the club’s commercial success has ensured there is always money available to win trophies at the highest level, This potential has not been fully unleashed in recent times. Jim Ratcliffe said: “We will bring world-class knowledge, experience and talent from the wider INEOS Sport group to help drive further improvement at the club, while also providing dedicated funds to enable future investment at Old Trafford.”

“We are here for the long term and recognize that there are a lot of challenges and hard work ahead of us, which we will address with precision, professionalism and passion. “We are committed to working with everyone at the club – the board, staff, players and fans – to help move the club forward,” he added.

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Published: 24 December 2023, 10:31 PM IST


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