British billionaire Sir Jim Ratcliffe has agreed to buy a 25% stake valued at approximately £1.25 billion in Manchester United.
At the age of 71, Sir Jim Ratcliffe is set to contribute $300 million (£236 million) for future investments at Old Trafford.
This announcement follows 13 months after the Glazer family, owners of the club, expressed their contemplation of selling to ‘explore strategic alternatives.’
Having acquired the club for £790 million ($1.34 billion) in 2005, the American family has faced criticism amid United’s on-field struggles and a lack of Premier League victories since 2013.
Regular protests against the Glazer ownership have ensued. A Manchester native, Ratcliffe, who chairs the petrochemicals company Ineos, declares himself a ‘lifelong supporter of the club.’
In a statement he 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.
“We are here for the long term and recognise that a lot of challenges and hard work lie ahead, which we will approach with rigour, professionalism and passion. We are committed to working with everyone at the club – the board, staff, players and fans – to help drive the club forward.
“Our shared ambition is clear: we all want to see Manchester United back where we belong, at the very top of English, European and world football.”
The club say the deal is “subject to customary regulatory approvals” but are “hopeful it will be completed as soon as possible”.
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