British billionaire Jim Ratcliffe has agreed a deal to buy a 25 percent stake in Manchester United for a reported £1.25 billion ($1.6 billion) and will take control of the Premier League club’s football operations.

Ratcliffe, the chairman of petrochemicals giant INEOS, will also provide substantial funds for future investment in the club’s Old Trafford stadium.

A club statement said Ratcliffe “will acquire 25 percent of Manchester United’s Class B shares and up to 25 percent of Manchester United’s Class A shares and provide an additional $300 million intended to enable future investment into Old Trafford”.

“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,” it added.

Ratcliffe said he wanted to see the struggling 20-time English champions back on top of European football and committed himself for the long term.

“As a local boy and a lifelong supporter of the club, I am very pleased that we have been able to agree a deal with the Manchester United board that delegates us management responsibility of the football operations of the club,” he said.

“Whilst the commercial success of the club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times.

“We will bring the global knowledge, expertise and talent from the wider INEOS Sport group to help drive further improvement at the club.”


More Posts for Show: Jubilee Breakfast
Share

Leave a Reply

Your email address will not be published. Required fields are marked *