By Humberto Viera
Dec 24, 2023, 7:56 PM EST
Manchester United announced the sale of 25% of its shares to British magnate Jim Ratcliffe, owner of INEOS, one of the world’s leading chemical companies.
The Glazers, who have owned the club since 2005, began a sale process last year, either partially or completely, to attract new investment. With the arrival of Ratcliffe, they close this chapter, with the intention of maintaining the club’s financial stability and revitalizing its sporting success, which has declined since the departure of Alex Ferguson in 2013, the year in which the last Premier League was won.
This agreement includes Ratcliffe assuming control of the club’s sporting operations and contributing 300 million pounds sterling (about 330 million euros) to be used for both transfers and the renovation of the Old Trafford stadium.
“As part of this transaction, INEOS has accepted the board of directors’ request to take the reins of the club’s sporting operations. “This will encompass all aspects of the men’s and women’s team operations, as well as the youth categories,” United said in a statement.
Ratcliffe presented the most convincing offer for the Glazers, after trying to acquire the club in its entirety for an amount greater than 5,000 million pounds (a little more than $6,356 million dollars), a figure that Qatar also offered, but without being willing to accept only a partial participation in Manchester United. Although the Glazers initially contemplated the complete sale of the club, the offers received seemed insufficient, since they valued United at more than 6,000 million pounds (just over $7,600 million dollars).
This agreement is subject to approval by the Premier League, a process 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 exploring various alternatives to improve Manchester United, with a special focus on the men’s team, women’s team and youth team. “Sir Jim and INEOS bring extensive commercial experience and financial commitment to the club,” said Avram and Joel Glazer.
“As a Manchester man and lifelong fan of the club, I am delighted that we have reached an agreement that gives us responsibility for United’s operations. The club’s commercial success has guaranteed resources to win trophies, but this potential has not been realized in recent times. We are here for the long term and we are aware of the challenges ahead, which we will address with rigor, professionalism and passion. “Our ambition is clear: we want to see United return to the top of English, European and world football,” said Ratcliffe.
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