Manchester United have announced they have agreed a deal for British billionaire Sir Jim Ratcliffe to purchase a minority stake in the club.
Ratcliffe, who is chairman and founder of the petrochemical company INEOS, has agreed to take a 25 per cent stake in United from the Glazer family, who are diluting their shares in the Premier League side, rather than leaving.
The deal will see Ratcliffe’s INEOS take control of the football operations at United. A club statement said: “This will include all aspects of the men’s and women’s football operations and academies, alongside two seats on the Manchester United PLC board and the Manchester United Football Club boards”.
INEOS CEO Jean Claude Blanc and Sir David Brailsford, the former British Cycling executive who is now INEOS’ director of sport, will join United’s board.
As reported in November, Ratcliffe will provide $300million (£245m) of his personal wealth for what a United statement says will be “future investment” at the club. This investment is in addition to Ratcliffe’s 25 per cent stake. This $300m is essentially a down payment on infrastructure upgrades, with INEOS eager to start a process on how United’s Old Trafford stadium can be redeveloped, as well as a demonstration of additional funds to be spent…
