Sir Jim Ratcliffe and INEOS have now completed purchasing of a minority stake in Manchester United.United confirmed in December that a deal had been agreed for Ratcliffe to take a 25 per cent stake in the club, with the Glazer family diluting their shares, rather than leaving altogether.
Ratcliffe’s petrochemicals company INEOS is buying an even split of Class B + Class A shares at $33 (£26) each for an overall cost of $1.3bn.
Ratcliffe will also plough an additional of $300m (£237m) into enhancing Old Trafford.The announcement had due to be on Wednesday but regulatory requirements from the New York Stock Exchange brought the announcement forward to Tuesday evening UK time.
After completing the acquisition of the minority stake Ratcliffe said,“To become co-owner of Manchester United is a great honour and comes with great responsibility.
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.”
United co-chairman Joel Glazer added that ,“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.”
