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In a landmark move for English football, Manchester United, one of the Premier League's most illustrious clubs, has announced a significant financial development. British billionaire Sir Jim Ratcliffe, the chairman of INEOS and a prominent figure in the chemical industry, has acquired a 25 percent stake in the club. This deal, which values the shares at $33 each, sees Ratcliffe become a minority stakeholder in the globally renowned football club.
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The investment doesn't stop at the share purchase. Ratcliffe is set to inject an additional USD 300 million into Manchester United. This substantial funding is earmarked for future developments at Old Trafford, enhancing the club's facilities and potentially its competitive edge.
This acquisition is not just financial but also operational. INEOS, under this agreement, has been granted significant management responsibilities within the club. This includes overseeing both the men’s and women’s football operations, as well as the academies. Additionally, INEOS will hold two seats on both the Manchester United PLC board and the Manchester United Football Club boards, as per the club's official statement.
The transaction comes in the wake of interest from other high-profile bidders, notably Qatar's Sheikh Jassim bin Hamad al Thani. However, Sheikh Jassim withdrew from the bidding process after declining to increase his USD 6 billion offer, as reported by Reuters.
The shareholding structure post-acquisition is a careful balance between the new and existing stakeholders. Ratcliffe has purchased 25% of United’s Class A shares, which are listed on the New York Stock Exchange. He also acquired an equal percentage of the Class B shares held by the Glazer family, who have controlled the club since 2005. While the Class B shares come with greater voting rights, the Glazers maintain the majority control of the club, ensuring their continued significant influence in its operations.
The focus now turns to Sir Jim Ratcliffe, one of the UK's wealthiest individuals. His involvement is expected to bring pivotal decisions, particularly regarding the club's managerial position. Current manager Erik Ten Hag has faced challenges in meeting the high expectations set for the team. With United currently 8th in the league and having recently suffered a 0-2 defeat to West Ham United, alongside an early exit from the Champions League, Ratcliffe’s influence will be closely watched by fans and football analysts alike.
This strategic partnership marks a new era for Manchester United, potentially heralding significant changes in its management and future direction.
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