British billionaire Sir Jim Ratcliffe Man Utd 25% stake deal approved by Premier League
BBC
The Premier League has granted approval for British billionaire Sir Jim Ratcliffe’s acquisition of a 25% stake in Manchester United. The deal, valued at approximately $1.3 billion (£1.03 billion), is still pending approval from the Football Association. While the Glazer family, the current owners, will retain a majority stake, Ratcliffe’s Ineos Group will assume control of football operations.
Premier League approval is contingent on the successful completion of the deal, and the league awaits confirmation of its finalization. Ratcliffe, 71, has also signed the owners’ charter as part of the agreement.
This transaction marks the first to be finalized under the Premier League’s updated owners’ and directors’ test, approved by member clubs in March 2023. The test includes an evaluation by an independent oversight panel.
Sir Jim Ratcliffe’s deal, reached on Christmas Eve, involves an investment of $300 million (£236 million) earmarked for future improvements to Manchester United’s Old Trafford stadium. Ratcliffe is set to acquire 25% of the club’s class B shares, primarily held by the Glazer family, who currently own 69% of the club. The deal also includes up to 25% of the class A shares, traded on the New York Stock Market at $33 each.
In taking on sporting control, Ineos will oversee football operations, including men’s and women’s teams, as well as academies. Additionally, Ineos will secure two seats on both the Manchester United PLC and Manchester United Football Club boards.
While the Glazer family retains a significant stake, Ratcliffe’s involvement brings a new dimension to the club’s ownership structure. The deal is progressing positively towards completion, with Ratcliffe having made several visits to Old Trafford and the club’s training ground during the approval process.
The Glazer family, who acquired Manchester United for £790 million in 2005, expressed intentions to explore strategic alternatives in November 2022, sparking the consideration of selling the club.
