Manchester United sells 25% of its shares to INEOS

Manchester United announced this Sunday the sale of 25% of its shares to the billionaire Jim Ratcliffeowner of INEOSthe fourth largest chemical company in the world.

The Glazer family, who has owned the club since 2005, opened a partial or total sale process last year to receive new investment, and with the arrival of Ratcliffe, closes this chapter, aimed at maintaining the financial success of the club and resurrecting sporting success, in decline since 2013the year in which Alex Ferguson retired and in which the last Premier League was won.

As part of this deal, Ratcliffe will be in charge of the club’s sporting operations, in addition to injecting 300 million pounds (330 million euros) to United’s coffers, for investments both in transfers and in remodeling the Old Trafford stadium.

“As part of the transaction, INEOS has accepted the request from the management of take responsibility for the club’s football operations. “This will include all aspects of the men’s and women’s team and youth team operations,” United said in a statement.

Ratcliffe presented the offer that most convinced the Glazers, after he also tried to buy the entire club for an amount higher than the 5 billion poundsa figure that also offered Qatar, who, however, was not willing to accept a simple participation within Manchester United. Although the Glazers’ initial intention was to sell the club – which they bought in 2005 for 790 million pounds – the offers seemed short, since they valued United at over 6,000 million pounds.

This purchase will now have to pass a approval process by the Premier League that could take between six and eight weeks.

“We are delighted to have reached this agreement with Sir Jim Ratcliffe and INEOS. As part of the strategic review we announced in November 2022, we committed to looking at a range of alternatives to help improve Manchester United, with particular attention to the team men’s, women’s and youth. Sir Jim and INEOS bring a wealth of commercial experience as well as a financial commitment to the club,” they said. Avram y Joel Glazer.

“As a Manchester boy and lifelong fan of the club, I am delighted to see that we have been able to reach an agreement that gives us responsibility for United’s operations. The commercial success of the club has ensured that there has always been funding to win trophies, but this potential has not been unlocked in recent times. We are here for the long term and we understand that there are many challenges ahead and a lot of work to do, which we deal with rigor, professionalism and passion. “Our ambition is clear: we want to see United back where they belong, at the top of English, European and world football,” Ratcliffe said.

2023-12-24 16:30:36
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