Next week, it will be announced that British petrochemicals billionaire Jim Ratcliffe is set to take a 25% stake in Manchester United, according to a report Sky News. The founder and CEO of the INEOS Group has been linked with a takeover of the club, and the agreement will see Ratcliffe pay £1.25 billion ($1.58 billion) to acquire 25% of the club’s listed A-shares in a $33-a-share deal. He will also acquire 25% of the Glazer family’s B-shares, which carry greater voting rights, and Manchester United shares were down 0.3% in pre-market trading Monday.
Ratcliffe is expected to commit around £245 million of his personal fortune to upgrade the club’s aging infrastructure as part of the deal, and both INEOS and Manchester United have been contacted for comment.
The Glazer family, who have controlled the club since 2005, began formally exploring a sale in November 2022 after years of underperformance on the pitch and mass protests from fans. Currently, Manchester United is seventh in the English Premier League and is on the verge of exiting the European Champions League in the group stages.
Despite being the most successful club in English football history, the Red Devils have been overshadowed bitter crosstown rivals Manchester City in recent years. City were the winners of last season’s Premier League, Champions League, and domestic cup competition, leaving Manchester United behind.