English billionaire Jim Ratcliffe’s entry into Manchester United is perfect.
As the English record champions announced on Christmas Eve, the entrepreneur will take over up to 25 percent of the shares and invest a further 300 million dollars (270 million euros) in the Old Trafford stadium of the club, which is currently in crisis. Ratcliffe is estimated to pay more than 1.4 billion euros for the shares, as the BBC reported.
Glazers remain majority owner
The Glazer family from the USA, who are unpopular with many fans, remains the majority owner. Most recently, according to media reports, the Qatari Sheikh Jassim bin Hamad Al Thani withdrew his offer to buy the club completely.
In return for his investment, Ratcliffe and his company will take responsibility for sporting affairs. The boss of the chemical giant Ineos has already been involved in cycling and sailing. The 71-year-old comes from the Manchester area. “As a local boy and a lifelong supporter of the club, I am very happy that we have reached an agreement with the Manchester United board that transfers responsibility for managing the football business to us“said Ratcliffe, referring to the sports expertise in his company.
The club’s commercial success has always allowed it to win trophies at the highest level. However, this potential has not been fully exploited recently. In the Champions League, Manchester United recently lost 1-0 to Bayern Munich as bottom of the group and was completely eliminated from the European Cup this season.
Only eighth in the Premier League
Dutch coach Erik ten Hag’s team is only eighth in the Premier League after losing 2-0 at West Ham United on Saturday. “Sir Jim and Ineos bring a wealth of business experience as well as significant financial contributions to the club“, explained Avram Glazer and Joel Glazer from the United club board. The agreement still needs to be approved by the Premier League, among other things.