Title: Manchester United Announces Sale of Minority Stake to British Billionaire Jim Ratcliffe
Manchester United, one of England’s most iconic football clubs, has revealed that it is selling a minority stake to British billionaire Jim Ratcliffe. Reports suggest that Ratcliffe, a lifelong fan of the club, will also take control of its soccer operations. This announcement comes after Manchester United’s decade-long struggle to lift the Premier League trophy.
Under the terms of the deal, Ratcliffe will acquire a stake of “up to 25%” in the club and is set to invest a significant sum of $300 million into the renovation of the legendary Old Trafford stadium. The overall agreement, including the funding, is valued at approximately $1.6 billion. However, it is important to note that the deal is still subject to approval by the Premier League.
Currently positioned eighth in the league and already eliminated from European competition, Manchester United’s recent performance has left fans frustrated. Ratcliffe initially attempted to purchase the majority share owned by the Glazer family, but he will now coexist alongside them as the primary owners. This development has elicited mixed feelings among supporters, with some expressing concern over the Glazers maintaining overall control.
Ratcliffe, who aims to leverage the global knowledge, expertise, and talent from INEOS Sport to elevate the club, plans to fund the transaction through his company, Trawlers Limited. This move is expected to address the uncertainty surrounding ownership, which has led to fan protests and chants advocating for the “Glazers out” movement.
According to the Manchester United Supporters Trust (MUST), the deal represents a significant step forward for the club after enduring challenging years. The collaboration will entail INEOS assuming responsibility for managing all aspects of the men’s and women’s teams, as well as the club’s academies.
It is worth noting that the implementation of the agreement will still be subject to regulatory approvals and is expected to take up to six weeks to finalize. Additionally, former United captain Gary Neville criticized the timing of the announcement, which was made on Christmas Eve, regarding the potential impact on management and players.
Overall, this partnership between Manchester United and Jim Ratcliffe reflects a promising development for the club and its supporters. As the deal progresses, both parties will be eager to transform the team’s fortunes and return to their former glory on the national and international stages.
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