Jim Ratcliffe acquisition of Manchester United minority stake completed

LONDON – British billionaire Jim Ratcliffe said that becoming a co-owner of Manchester United is a “great honour” and “responsibility” after his purchase of a minority stake was finalised on Feb 20.

The 71-year-old’s investment, which will give him control of football operations at the 20-time English champions, was approved by the English Premier League and English Football Association last week.

It was announced on Dec 24 that Ratcliffe had agreed to buy a 25 per cent stake in United from unpopular owners, the Glazer family, in a deal worth around £1.02 billion (S$1.73 billion).

Following the completion of that deal, the founder of petrochemicals giant Ineos has invested a further US$200 million (S$269 million) to take his total stake to 27.7 per cent and will inject US$100 million more by the end of 2024 to enable investment in infrastructure at Old Trafford.

“This marks the completion of the transaction, but just the beginning of our journey to take Manchester United back to the top of English, European and world football, with world-class facilities for our fans. Work to achieve those objectives will accelerate from today,” Ratcliffe said in a club statement.

United have not won the Premier League since former manager Alex Ferguson retired in 2013 and last won the Champions League in 2008 as their fortunes on the field have deteriorated during the Glazers’ reign.

They crashed out of the Champions League group stage earlier this season and sit sixth in the Premier League, outside of qualification spots for next season’s elite club competition in Europe.

The Glazers have been deeply unpopular with fans ever since a leveraged takeover of United in 2005 saddled the club with hundreds of millions of dollars of debt.

Joel Glazer, United’s executive co-chairman, said: “I would like to welcome Sir Jim as co-owner and look forward to working closely with him and Ineos Sport to deliver a bright future for Manchester United.”

The American family will retain a majority stake in the club – fans had vehemently wanted a full sale for years but protests have surprisingly fizzled out as they made an about-turn and backed Ratcliffe’s minority investment instead, putting an end to a 15-month saga.

Ratcliffe has already met with leading supporters’ groups and local politicians as he charts a course to lead United back to the top, although it remains to be seen what success he will bring, considering there was a massive lack of it at Ineos-owned French club Nice and Swiss side Lausanne.

Since the Christmas Eve announcement, he has brought in right-hand man Dave Brailsford – essentially a cycling man and not a football expert – and Jean-Claude Blanc, who join him on the board.

Omar Berrada has been poached from local rivals Manchester City to be the club’s new CEO.

A pursuit of Newcastle United’s Dan Ashworth to be the Red Devils’ sporting director is also nearing completion, as Ratcliffe aims to revolutionise the failing recruitment structure at Old Trafford.

The deal is just the latest of a portfolio of sports investments by Ineos, which has used its vast profits to fund a series of projects in football, cycling, Formula One, rugby, athletics and sailing.
REUTERS, AFP