brytfmonline

Complete News World

Billionaire Jim Ratcliffe acquires 25% of Manchester United shares for 1.4 billion euros

Billionaire Jim Ratcliffe acquires 25% of Manchester United shares for 1.4 billion euros

The agreement concluded between the English club and the CEO of Ineos stipulates an investment worth $300 million (about 272 million euros) “with the aim of allowing future investment in Old Trafford.” Ratcliffe will take responsibility for all football management operations.

Manchester United announced on Sunday that British billionaire Jim Ratcliffe had acquired a 25% stake in the club, a long-awaited result after the Glazer family announced in November 2022 that it was studying strategic options for the club.

English media reported that the value of the deal was estimated at 1.25 billion pounds (about 1.4 billion euros), with United's owners and Class A shareholders receiving 33 pounds (about 38 euros) per share.

The agreement between the English club and the CEO of INEOS, a multinational industrial company with a growing presence in football, highlighted an investment worth $300 million (about 272.37 euros) “aimed at enabling future investment in Old Trafford”, and more Precision in infrastructure, one of Cristiano Ronaldo's goals, remember.

Jim Ratcliffe, through INEOS, will be responsible for managing all football operations.

“As part of the transaction, INEOS has accepted a request from the Board to delegate responsibility for managing the club’s football operations. This will include all aspects of the men’s and women’s football operations and academies, along with two seats on the Board of Directors of Manchester United PLC and the Boards of Manchester United Football Club.” It was reiterated By INEOS.

The transaction will be financed by Trawlers Limited, a company 100% owned by Ratcliffe.

Last February, the 71-year-old businessman made a bid to buy 69% of Manchester United shares – a percentage owned by the Glazer family – but agreed to become a minority shareholder.

See also  Ball - Darwin: the injury, the trip to Spain and the English club that won't escape us (Benfica)

The deal is subject to the approval of the English Premier League.

“As someone from Manchester and a lifelong supporter of the club, I am delighted that we have been able to reach an agreement with the management of Manchester United that delegates to us the responsibility of running the club’s football operations,” Ratcliffe said in a press release. “While the commercial success of the club has ensured that there is always money… “is available to win tournaments at the highest level, but this potential has not been fully unleashed recently.”

As Ratcliffe put it, the INEOS Sport group will provide “the wider global knowledge, experience and talent to help drive further improvements at the club, while also providing funds to enable future investment at Old Trafford.”

INEOS is thus strengthening its presence in the world of sports, with a growing portfolio of investments in projects in football, cycling, Formula 1, athletics and sailing. In 2019, he took control of French club Nice for 100 million euros. In Formula 1, in 2020, he acquired a third share in the Mercedes team.

Avram Glazer and Joel Glazer, mentioned in the club's statement, were “very pleased” with “the agreement with Sir Jim Ratcliffe and Ineos”. “As part of the strategic review we announced in November 2022, we committed to analyzing a range of alternatives to help improve Manchester United, with a focus on the success of the men’s and women’s teams and the academy.”

The agreement sheds some light on the Glazer family's plans for the club, which has been heavily criticized by fans due to a decline in performance since Alex Ferguson left the leadership of the Red Devils in 2013.

See also  Ball - Part Two of the Lion who dictated the transformation of Sporting (roller hockey)

Last year, many media outlets reported that the Glazer family was looking for new investors, without giving up full control of Manchester United's capital, whose value is estimated at about 5 billion pounds. Sheikh Jassim Hamad Al Thani, son of the Emir of Qatar, was another name interested in buying the club, but his £5bn (€5.6bn) offer was rejected by the Glazer family.

“Sir Jim and INEOS bring a wealth of commercial experience as well as a significant financial commitment to the club. Through INEOS Sport, Manchester United will have access to high-performing professionals with experience in creating and leading elite teams, in and out of the game. Manchester United has talented people.” Throughout the club our desire is to continually improve at every level to help deliver greater success for our great fans in the future.€ billion in 2005, stated in the statement.

Regarding the announcement of funds for investment in infrastructure, it is important to remember the words of Cristiano Ronaldo, who last year, when he left the “Red Devils”, criticized the lack of investment in infrastructure and technology, and accused the administration of leading the “Red Devils” The Glazer family “does not care about the sporting aspect.” And it makes United a “marketing club.”

“Manchester United belongs to the fans and they have to know that the infrastructure is not good and they have to change. If they don’t change, the club will not be where it was in the ‘era’ of Alex Ferguson and [o antigo diretor-executivo] “David Gil,” the Portuguese international said in November in an interview with Piers Morgan.

See also  Futsal: Mario Silva is the new coach for Benfica