INEOS Chairman Jim Ratcliffe has become a minority shareholder in Manchester United, buying a 25% stake for $33 per share, the Premier League soccer club said on Sunday, following a bidding process that lasted more than 12 months.
Qatar’s Sheikh Jassim bin Hamad al Thani was also looking to buy the club but dropped out of the process, saying he would not be raising his $6 billion offer, leaving the British billionaire to strike a deal with the owners, the Glazer family.
Ratcliffe’s INEOS will also take on the management of Manchester United’s soccer operations and invest $300 million in the club.
“As part of the transaction, INEOS has accepted a request by the Board to be delegated responsibility for the management of the club’s football operations,” the club said in a statement.
“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.”
Ratcliffe’s INEOS also owns French Ligue 1 club Nice, Swiss Super League side FC Lausanne-Sport, and works with Racing Club Abidjan of Ivory Coast Ligue One. It is also behind the Grenadiers, one of the world’s most successful cycling teams.
Source website: www.thehindu.com