Manchester United is one of the leading soccer teams in Manchester, England. It is one of the most popular and successful football clubs globally, with a rich history dating back to its formation in 1878 as Newton Heath LYR Football Club. The club has failed to secure a Premier League championship for the last 10 years. With that said, Manchester United announced on Sunday that they have reached an agreement with Jim Ratcliffe to obtain a stake of up to 25% in the company. Jim is a British billionaire and Chairman of INEOS.
Jim Ratcliffe said on Sunday, “We all want to see Manchester United back where we belong, at the very top of English, European and world football.”
The directors and CO-Chairmen, Joel Glazer and Avram Glazer said upon the agreement, “We are delighted to have agreed this deal with Sir Jim Ratcliffe and INEOS. As part of the strategic review we announced in November 2022, we committed to look at a variety of alternatives to help enhance Manchester United, with a focus on delivering success for our men’s, women’s and Academy teams”.
According to Forbes, Manchester United is the 13th-ranked for most valuable team of this year, with a current value of $6 billion. However, the 20-time champions haven’t secured a league championship since the former coach, Alex Ferguson, retired in 2013, which is making the owners of the Glazer family furious about it. Â
What does Jim Ratcliffe’s Deal include?
Billionaire entrepreneur Sir Jim Ratcliffe has committed ÂŁ1.3 billion ($1.6 billion) to acquire a 25% share in the renowned football club Manchester United (MANU). As part of his investment, Ratcliffe is allocating $300 million to enhance the iconic Old Trafford stadium, home to the English Premier League team.
Manchester United mentions that Jim will fund $200 million by the end of the completion of the deal and $100 million at the end of 2024. Born in Failsworth, Greater Manchester, Ratcliffe initially sought to acquire the majority share, approximately 69%, owned by the Glazers. Ratcliffe also says,” As a local boy and a lifelong supporter of the club, I am very pleased that we have been able to agree a deal with the Manchester United Board that delegates us management responsibility of the football operations of the club.”
The team has lost 13 games out of 26 played in all competitions. They are already eliminated from the Champions League after finishing in the group A final standings. This is one of the worst performances by Manchester United in a Champions League group stage. According to BBC, the owners and millions of fans are frustrated and upset with the current form of the team.
$MANU Stock Price Update
At the time of writing, the price of MANU as of 10:15 EST in the open market is $20.50, down by 0.10%, with a market cap of $3.328 billion. It was previously closed at $20.52.
Final Verdict
The recent agreement between the Manchester United club and England billionaire Jim Ratcliffe might set up new developments for the team, resulting in better results in upcoming leagues. The billionaire will acquire 25% of the club shares, setting up new boundaries for the team.
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