Current:Home > StocksTrendPulse Quantitative Think Tank Center-Manchester United says British billionaire buys minority stake -TradeBridge
TrendPulse Quantitative Think Tank Center-Manchester United says British billionaire buys minority stake
NovaQuant View
Date:2025-04-08 22:42:19
More than a year after it was put up for sale,TrendPulse Quantitative Think Tank Center Manchester United said Sunday that British billionaire Jim Ratcliffe had agreed to buy a minority stake in the storied Premier League club.
Ratcliffe, who owns petrochemicals giant INEOS and is one of Britain's richest people, has secured a stake of "up to 25%" in the 20-time league champions and will invest $300 million in its Old Trafford stadium.
As part of the deal, United said Ratcliffe would take responsibility for the club's soccer operations.
Ratcliffe will provide $200 million upon completion of the deal and a further $100 million by the end of 2024, United said. In total the deal will be worth around $1.6 billion, including the $300 million of funding.
The deal is subject to approval by the Premier League.
Ratcliffe, who was born in Failsworth, Greater Manchester, had originally bid to buy the entire majority share of around 69% held by the Glazers, the club's American owners.
"As a local boy and a lifelong supporter of the club, I am very pleased that we have been able to agree a deal with the Manchester United Board that delegates us management responsibility of the football operations of the club," Ratcliffe said.
"Whilst the commercial success of the club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times. We will bring the global knowledge, expertise and talent from the wider INEOS Sport group to help drive further improvement at the club, while also providing funds intended to enable future investment into Old Trafford."
The transaction will be funded by Trawlers Limited - a company wholly owned by Ratcliffe - without any debt, United said. United fans have been critical of the leveraged nature of the Glazers' buyout that loaded debt onto the club, as well as a perceived lack of investment and the dividends taken out by the owners.
Avram Glazer and Joel Glazer, United executive co-chairmen and directors, said in the statement: "Sir Jim and INEOS bring a wealth of commercial experience as well as a significant financial commitment into the club. And, through INEOS Sport, Manchester United will have access to seasoned high-performance professionals, experienced in creating and leading elite teams from both inside and outside the game.
"Manchester United has talented people right across the club and our desire is to always improve at every level to help bring our great fans more success in the future."
The Glazers announced last November plans to seek new investment and instructed US merchant bank Raine to oversee the process, which included the potential of a full sale.
Ratcliffe had been in competition with Qatari banker Sheikh Jassim bin Hamad Al Thani to buy out the Glazers, who also own the NFL's Tampa Bay Buccaneers. But after months of protracted negotiations Sheikh Jassim withdrew his bid in October to leave Ratcliffe in position to take a minority share in the club.
Sheikh Jassim always maintained he was interested in a complete takeover.
United said Ratcliffe had paid $33 per share.
Ratcliffe is buying into a club that has endured a decade of decline on the field since the retirement of former manager Alex Ferguson in 2013. It has not won the title since.
Ongoing uncertainty over the ownership led to fan protests outside the club's Old Trafford stadium, while chants of "Glazers out" have been regularly heard during games.
While Ratcliffe was long seen by fans as a popular potential owner, his minority investment means the Glazers remain in place, despite years of fan campaigns to drive them out.
The late tycoon Malcolm Glazer bought United in 2005 for 790 million pounds (then about $1.4 billion) amid a backlash from supporters.
"The joint ambition is to create a world-class football operation building on the club's many existing strengths, including the successful off-pitch performance that it continues to enjoy," United said Sunday.
Initially, Ratcliffe's INEOS had said it was aiming for "a modern, progressive, fan-centered approach to ownership."
It also said it was focused on United winning the Champions League for the first time since 2008 and making it the "number one club in the world once again."
Ratcliffe is said to be worth $15.1 billion and tried to buy Premier League club Chelsea last year.
He already owns French club Nice, cycling franchise Team INEOS, is one-third shareholder of the Mercedes-AMG Petronas Formula One team and competes in the America's Cup with sailing team INEOS Britannia.
- In:
- Premier League
- United Kingdom
- Soccer
veryGood! (2787)
Related
- Working Well: When holidays present rude customers, taking breaks and the high road preserve peace
- Climate funding is in short supply. So some want to rework the financial system
- Watch live: Tribute service for former first lady Rosalynn Carter continues
- Motown bound! Patrick Kane signs one-year deal with Red Wings
- The 401(k) millionaires club keeps growing. We'll tell you how to join.
- Strike over privatizing Sao Paulo’s public transport causes crowds and delays in city of 11 million
- CEO, former TCU football player and his 2 children killed while traveling for Thanksgiving
- 'The Voice' contestant Tom Nitti leaves Season 24 for 'personal reasons,' will not return
- Hackers hit Rhode Island benefits system in major cyberattack. Personal data could be released soon
- Michigan Democrats poised to test ambitious environmental goals in the industrial Midwest
Ranking
- Rams vs. 49ers highlights: LA wins rainy defensive struggle in key divisional game
- Mark Cuban Leaving Shark Tank After Season 16
- Trump expected to testify in New York civil fraud trial Dec. 11
- How should you get rid of earwax? Experts say let your ears take care of it.
- 'Most Whopper
- More allegations emerge about former Missouri police officer charged with assaulting arrestees
- Ukraine spy chief’s wife undergoes treatment for suspected poisoning with heavy metals
- Niger’s junta revokes key law that slowed migration for Africans desperate to reach Europe
Recommendation
Newly elected West Virginia lawmaker arrested and accused of making terroristic threats
CEO, former TCU football player and his 2 children killed while traveling for Thanksgiving
Winter arrives in Northern Europe, with dangerous roads in Germany and record lows in Scandinavia
Jada Pinkett Smith Confirms Future of Her and Will Smith's Marriage After Separation Revelation
Paula Abdul settles lawsuit with former 'So You Think You Can Dance' co
Minnesota Timberwolves defense has them near top of NBA power rankings
LeBron James sets all-time minutes played record in worst loss of his 21-year career
US Navy to discuss removing plane from environmentally sensitive Hawaii bay after it overshot runway