The deal between Manchester United and Sir Jim Ratcliffe for him to buy a 25% stake in the club has now been officially approved by both the Premier League and the FA.
Worth just over £1 billion, the deal sees British billionaire Ratcliffe, 71, take over a quarter of Manchester United shares.
The majority stake in the club is still owned by the Glazer family, but Ratcliffe’s Ineos Group will now handle all footballing operations.
It’s a major hurdle overcome for the deal, with Premier League approval a requirement for it to be completed. But the sale will not go through until after Friday night, when the share offer closes in the United States.
In a statement, the Premier League said it “now awaits confirmation of the transaction’s completion.” The statement also confirmed Ratcliffe has signed the league owners’ charter.
This deal marks the first ever to be agreed under the Premier League’s new owners’ and directors’ test. Approved in March 2023, the test includes an independent review by an oversight panel.
Sir Jim Ratcliffe’s Manchester United Deal
Agreed on Christmas Eve, Sir Jim Ratcliffe’s Manchester United deal includes $300 million (£236 million) for future investments into United’s Old Trafford ground.
Ratcliffe will buy 25% of the club’s class B shares, which are mostly held by the Glazers. The American family own 69% of the club, and about 25% of the class A shares, which are listed on the New York Stock Market at $33 each.
On Monday, an update confirmed class A shareholders have a deadline of 23:59 EST to sell any shares before the Ratcliffe deal is completed.
To date, 36.7% of class A shares have been sold, well above the 25% that Sir Jim intends to buy.
His Ineos group will now take command of all footballing operations, overseeing both the men’s and women’s setups as well as the academies. The group also takes two seats on the board at United.
And although the deal has only just received full approval, Ratcliffe has already visited Old Trafford and the training facilities on several occasions.
Who Is Sir Jim Ratcliffe?
Born in Failsworth in Greater Manchester, Sir Jim Ratcliffe’s father was a joiner and his mother worked in an accounts office.
He grew up in a council house, before moving to East Yorkshire aged ten. After attending Beverley Grammar School, he went on to study chemical engineering at Birmingham University, gaining a BSc.
Following university, he took a job with Esso, before diversifying his skills with an MBA in management accounting.
Studying at London Business School, he graduated in 1980. In 1989, he joined US private equity group Advent International.
Ratcliffe would go on to form INEOS in 1998. The chemicals group had a turnover of $65 billion by 2021.
Sir Jim Ratcliffe Net Worth
By May 2018, Sir Jim Ratcliffe’s net worth was £21 billion, making him the richest person in the UK. And in 2023, that had jumped to almost £30 billion.
The Sunday time Rich List puts Ratcliffe as the second-richest person in the UK as of 2023.
In 2020, Sir Jim changed his official tax residence from Hampshire to Monaco. The move has saved him an estimated £4 billion in tax.
Add Sportslens to your Google News Feed!
