Who is Jim Ratcliffe? UK billionaire buy 25 percent stake in Manchester United

• Sir Jim Ratcliffe, a British billionaire, has bought a 25% ownership in Manchester United.
• The deal was confirmed by Manchester United and INEOS.
• He will also contribute $300 million for future investments in Old Trafford.

Manchester United shared on Sunday that Sir Jim Ratcliffe, a British billionaire in petrochemicals, bought a 25% ownership in the famous English Premier League soccer club. The confirmation came from both Manchester United and INEOS, a London-based conglomerate controlled by Ratcliffe.

INEOS mentioned in a statement that Ratcliffe is acquiring 25% of the club’s Class B shares and up to 25% of publicly available Class A shares. Additionally, he will contribute $300 million for future investments in Old Trafford, the historic stadium of the club. The Glazer family, who owns most of the club, and Class A shareholders will be paid $33.00 per share. On Friday, Manchester United shares closed at $19.81, while Forbes valued the club at $6 billion in May, making it one of the world’s most valuable soccer clubs, just behind Real Madrid.

The deal still needs approval from the English Premier League.

“We are delighted to have agreed (to) this deal with Sir Jim Ratcliffe and INEOS,” said Avram Glazer and Joel Glazer, Manchester United’s executive co-chairmen and directors, in a statement. “As part of the strategic review we announced in November 2022, we committed to look at a variety of alternatives to help enhance Manchester United, with a focus on delivering success for our men’s, women’s and Academy teams.”

That statement added that “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.”

After more than a year of speculation, the Glazer family from Florida, who has owned Manchester United since 2005, is selling the club. The family, also owners of the NFL’s Tampa Bay Buccaneers, entertained offers after numerous rounds of bids, including one from Qatari investor Sheikh Jassim bin Hamad Al Thani, who withdrew in October.

Manchester United has faced challenges under the Glazer family’s ownership, with no UEFA Champions League win since 2008 and no Premier League title since 2013. Currently sitting eighth in the Premier League, the club has had four managers since Sir Alex Ferguson’s departure in 2013.

The buyer, 71-year-old Jim Ratcliffe, a wealthy man with a net worth of $19.1 billion, is a lifelong Manchester United supporter. Previously, Ratcliffe unsuccessfully bid for London club Chelsea in May 2022. Besides Manchester United, he owns soccer clubs OGC Nice in France and FC Lausanne-Sport in Switzerland.

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