Sir Jim Ratcliffe Now Man United Co-Owner
British millionaire Sir Jim Ratcliffe has acquired a 27.7% stake in Manchester United Football Club, an English Premier League Club, making him a co-owner with the Glazer family.
It comes after he met all conditions for the acquisition including approvals from the Football Association and the Premier League, the Club confirmed in a statement issued on Tuesday.
“Following the closing of the Offer and the acquisition of the Class B shares, Sir Jim has invested $200 million into the club for additional Class A and Class B shares via a primary issuance, resulting in ownership of approximately 27.7% of the club’s Class A shares and 27.7% of the club’s Class B shares, with a further $100 million to be invested by 31 December 2024. These funds are intended to enable future investment in infrastructure at Old Trafford.”
The CEO of chemical company INEOS characterized his acquisition of the stake as an “honour with great responsibility”.
“This marks the completion of the transaction, but just the beginning of our journey to take Manchester United back to the top of English, European and world football, with world-class facilities for our fans. Work to achieve those objectives will accelerate from today.”
Meanwhile Joel Glazer, Executive Co-Chairman, anticipates a bright future for the Reds with the co-ownership.
The Glazers still own majority shares in Old Trafford.
