As per Sky News, billionaire Sir Jim Ratcliffe is set to inject $300m (£245m) from his personal wealth into Manchester United’s outdated facilities. This investment is part of a proposed deal for acquiring a 25% stake in the prestigious football club, with an announcement expected soon.
Ineos founder Sir Jim, at the helm of a massive petrochemical fortune, is set to make this commitment in conjunction with buying a significant share of Manchester United, a sum which is estimated to exceed £1.25 billion.
Information disclosed on Friday details that the £245 million contribution is planned to be delivered in stages, primarily before the year’s end.
The financing of this venture is reported to come directly from Sir Jim and is designed to not increase Manchester United’s debt.
This investment strategy emerges one year after the Glazer family, which has overseen Manchester United since 2005, commenced the process to evaluate sale options. The acquisition of the shares and the additional funds earmarked for infrastructure investment indicate Sir Jim is ready to allocate an initial £1.5 billion to his stake in the club. However, this figure is subject to the final share price.
Following extensive discussions with various interested parties, including Qatari businessman Sheikh Jassim bin Hamad al-Thani, Sir Jim’s proposition for a minority stake is now seemingly the favored path for the Glazers.
An official statement regarding the transaction is anticipated to come within the next two weeks, although it is noted that the conversations between Sir Jim’s representatives and the Glazers are still active, which could potentially alter the timing of the public announcement.
A source involved in the negotiations highlighted that the earmarked $300 million is intended for refurbishing Manchester United’s tangible assets, clearly indicating it would not be allocated towards the club’s playing squad.
Future investments by Sir Jim have been hinted at, though specifics regarding these potential contributions may not be disclosed during the initial stake acquisition announcement.
Speculations on the future trajectory of Manchester United’s ownership persist, with questions about whether Sir Jim’s ambitions may include eventual full ownership of the club.