British billionaire Jim Ratcliffe Sunday finalized a long-anticipated agreement to acquire a 25% stake in Manchester United, committing to infuse $300 million into the English Premier League football club to revitalize its fortunes.
The deal, which will also see Ratcliffe's INEOS group take over management of the club's football operations, ends more than a year of uncertainty after majority owners, the Glazer family, said in November 2022 they were looking at strategic options.
The Glazers have come under heavy criticism from fans for presiding over a decline in the club's performance since former manager Alex Ferguson retired in 2013 following a period of unprecedented success.
"As a local boy and a lifelong supporter of the club, I am very pleased that we have been able to agree on a deal with the Manchester United Board that delegates to us management responsibility for the football operations of the club," Ratcliffe, 71, said in a statement.
"While the commercial success of the club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times.
"We will bring the global knowledge, expertise and talent from the wider INEOS Sport group to help drive further improvement at the Club, while also providing funds intended to enable future investment into Old Trafford."
Ratcliffe's stake purchase at $33 per share values the 20-time English champions at $6.3 billion, including debt, a source familiar with the matter said.
The club said $200 million of Ratcliffe's planned investment would be paid on closing of the deal, and a further $100 million by the end of 2024.
Qatar's Sheikh Jassim bin Hamad al Thani had also been looking at buying the club but dropped out of the process, saying he would not raise his $6 billion offer.
Ratcliffe's INEOS also owns French Ligue 1 club Nice, Swiss Super League side FC Lausanne-Sport, and works with Racing Club Abidjan of Ivory Coast Ligue One. It is also behind the Grenadiers, one of the world's most successful cycling teams.
"Sir Jim and INEOS bring a wealth of commercial experience as well as a significant financial commitment to the club," United's executive chairs Avram Glazer and Joel Glazer said.
"And, through INEOS Sport, Manchester United will have access to seasoned high-performance professionals, experienced in creating and leading elite teams from both inside and outside the game."
Since Ferguson stepped down, United have cycled through five permanent managers and three caretakers but failed to recapture the glory days, winning one FA Cup, two League Cup trophies, and a Europa League title in 11 years.
The Glazers' adamant stance on not selling the club over the years has become a source of frustration for the fans who clamored for change and held protests as the club's net debt soared to over $600 million.
Under Dutch coach Erik ten Hag, United are eighth in the Premier League table despite a transfer outlay of nearly 1 billion euros ($1.1 billion) in the last six years.
They were also knocked out of European competitions after finishing last in their Champions League group.
