Billionaire Jim Ratcliffe Steps into Manchester United's Turf
Ending a drawn-out dramatics, billionaire Jim Ratcliffe has finally secured his spot as an investor in the fabled Manchester United, England's Champions League record holders. The 71-year-old mogul, with a fortune largely derived from his chemical conglomerate, Ineos, will now own up to 25% of the shares, a responsibility that extends well beyond mere finances into the realm of the sport's strategy. The BBC reported an investment of roughly $1.18 billion (1.4 billion US dollars).
Furthermore, Ratcliffe will pour another $300 million into Manchester United's Old Trafford Stadium, providing a much-needed injection of capital into its aged infrastructure. The Glazer family, who have been marred in controversy for years, will continue to hold the majority stake in the Red Devils. In response to Ratcliffe's investment, Avram and Joel Glazer, Manchester United's board leaders, expressed their satisfaction, citing Ratcliffe’s commercial expertise and generous financial backing.
However, the Premier League and other regulatory bodies will have the final say in approving this pivotal move. The competition for Manchester United's affections was fierce, with a consortium led by Sheikh Jassim Bin Hamad Al Thani withdrawing their multi-billion offer in mid-October. This leaves Ratcliffe as the sole investor to challenge the Glazers, a position Ratcliffe, a Failsworth native, is more than eager to assume, citing the numerous challenges and work required to revitalize Manchester United.
Ineos' Sports Empire Expands
Jim Ratcliffe's history in the sports world demonstrates a keen and enduring interest in competition. His chemical company, Ineos, provides the financial backing for several teams. Cycling enthusiasts know Ineos Grenadiers, while their sailing prowess attests to their versatility. In soccer, Ineos already boasts stakes in FC Lausanne-Sport (Switzerland) and 100% ownership of OGC Nice, a French club where Ratcliffe's passion for the sport is particularly evident.
The potential for expansion into Manchester United looms large. If Ratcliffe's stake chiefly serves as a stepping stone to relinquish OGC Nice for a reported 90 million euros, it would further enhance his vested interests in the world of football.
Manchester United's Last Chance Dance
The Old Trafford giants find themselves in a precarious position this season, wrestling for a Champions League berth. With only 28 points, they remain in eighth position, eight points adrift. Their foray in the UEFA Champions League has also ended prematurely, a reality attributed partially to a disappointing 1-0 defeat to Bayern Munich. The coaching staff, headed by Erik ten Hag, faces a daunting task to rally the troops and secure a place among Europe's elite.
Sources: [1] Unpopular Glazers' Manchester United faces darkest hour (2023) [2] Ratcliffe's Money-Spinning Plans for Manchester United (2022) [3] Ratcliffe's focus on Manchester United (2022) [4] Millions in Losses Don't Deter Glazers and Ratcliffe's Unstoppable Ambition (2022)
