Shares of Manchester United experienced a roughly 4% increase on Tuesday following billionaire Sir Jim Ratcliffe’s acquisition of a stake. This development resolved months of uncertainty surrounding a deal that both fans and investors hoped would breathe new life into the British soccer club.
INEOS Group, led by Ratcliffe, secured a 25% interest in the company at £26 ($33) per share, placing the valuation of the 20-time English champions, including debt, at £4.96 billion ($6.3 billion), according to a source familiar with the matter.
As part of the agreement, INEOS will take charge of managing Manchester United’s soccer operations. This move comes after the Glazer family faced criticism for the club’s subpar performance over the past decade.
Following the Glazers’ announcement in November of exploring strategic options, including a potential sale, Manchester United’s stock soared by approximately 52%.
Since the departure of former manager Sir Alex Ferguson in 2013, the club has undergone multiple managerial changes but has failed to replicate its previous success, securing only four trophies in the last 11 years.
INEOS Sport, under Ratcliffe’s ownership, also possesses France’s OGC Nice, currently ranking second in the Ligue 1 table, and FC Lausanne-Sport, currently in a precarious position in the Swiss Super League.
Although other potential buyers, such as Sheikh Jassim bin Hamad Al Thani of Qatar Sports Investments, considered acquiring the club, Ratcliffe’s INEOS Group emerged as the successful bidder.
Despite significant investments in recruiting popular players over recent years, Manchester United has struggled in European competitions and currently holds the eighth position in the Premier League table.
Mail Sport reports that Ratcliffe may have the option to acquire the Glazers’ shares first if the American majority owners decide to sell their shares in the future.
great