British billionaire, Sir Jim Ratcliffe, has completed the deal to buy a 27.7 per cent stake in Manchester United.
The deal will enable Ratcliffe’s Ineos company to control football operations at United.
The Ineos founder, chairman, and chief executive has completed his acquisition of 25 per cent of the club’s Class B shares and 25 per cent of the club’s Class A shares.
The investment from Trawlers Limited, a company wholly owned by Ratcliffe, received Premier League and Football Association approval last week, according to Sky Sports.
Speaking on the development, Ratcliffe said: “To become co-owner of Manchester United is a great honour and comes with great responsibility.
Billionaire Ratcliffe agrees deal to buy Man United as Qatari businessman withdraws
“This marks the completion of the transaction, but just the beginning of our journey to take Manchester United back to the top of English, European, and world football, with world-class facilities for our fans.
“Work to achieve those objectives will accelerate from today.”
Ratcliffe has agreed to pay £26 ($33) per share for a quarter of the Class A shares, as well as paying that price for 25 per cent of the Class B shares held by the Glazer family. Each Class B shares confers 10 times as many votes as a Class A share.
Further shares have been issued in return for the initial £158.5 million ($200 million) capital investment made by Ratcliffe upon completion of the deal. Ratcliffe will invest a further £79.2 million ($100 million) by December 31 and his ownership will then increase to 28.9 per cent.
United co-chairman, Joel Glazer, said: “I would like to welcome Sir Jim as co-owner and look forward to working closely with him and Ineos Sport to deliver a bright future for Manchester United.”
The completion of the deal marks the conclusion of a saga which began back in November 2022 when the Glazers announced plans for a strategic review which could include the sale of the club.
Ratcliffe, along with Qatari businessman Sheikh Jassim, were the frontrunners when it became apparent a full sale would be considered, but the latter withdrew last October.
Ratcliffe’s focus shifted to the purchase of a significant minority stake, which has finally been completed.
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