London, Feb 21 (IANS): Sir Jim Ratcliffe's deal to buy a 27.7% stake in Manchester United has been completed, following the satisfaction of all conditions, including approvals from the Football Association and the Premier League, the club said.
The 71-year-old Ratcliffe has completed his acquisition of 25% of the club’s Class B shares, largely held by the Glazer family, which contain almost all the voting rights, and 25% of the club’s Class A shares, which are listed on the New York Stock Exchange.
"Following the closing of the Offer and the acquisition of the Class B shares, Sir Jim has invested $200 million into the club for additional Class A and Class B shares via a primary issuance, resulting in ownership of approximately 27.7% of the club’s Class A shares and 27.7% of the club’s Class B shares, with a further $100 million to be invested by 31 December 2024. These funds are intended to enable future investment in infrastructure at Old Trafford," the club statement read.
The Glazer family, who have owned the 20-time English champions since 2005, will retain a majority stake in the club but Ratcliffe's Ineos Group will take control of football operations.
"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. This will include all aspects of the men's and women's football operations and Academies, alongside two seats on the Manchester United PLC board and the Manchester United Football Club boards," the statement read further.
Ratcliffe will provide a $300 million fund intended to enable future investment into the Club’s infrastructure at Old Trafford, comprising $200 million paid upon the closing of the transaction and a further $100 million by the end of 2024.
"To become co-owner of Manchester United is a great honour and comes with great responsibility. This marks the completion of the transaction, but just the beginning of our journey to take Manchester United back to the top of English, European and world football, with world-class facilities for our fans. Work to achieve those objectives will accelerate from today," Ratcliffe said.
Joel Glazer, Executive Co-Chairman, said: “I would like to welcome Sir Jim as co-owner and look forward to working closely with him and INEOS Sport to deliver a bright future for Manchester United.”