Ineos CEO Jim Ratcliffe is set to bolster his investment in Manchester United, planning to inject an additional $300 million into the club's infrastructure. This substantial commitment
complements his earlier bid to acquire a 25% stake in the soccer giant for over $1.5 billion. The insider privy to this development clarified that Ratcliffe's funding for the infrastructure upgrade would come from his own resources, without adding to Manchester United's existing debt load.
Upon the emergence of this news, Manchester United's stock surged by 4%, reaching $18.85 per share, with Sky News being the first to report the story. At the time of reporting, Jim Ratcliffe had not responded to requests for comments, and Manchester United remained silent in response to inquiries from Reuters.
A prior Reuters report in October had already outlined Ratcliffe's proposal to acquire a 25% ownership stake in Manchester United, subject to approval by the Glazer family, who currently hold the reins of the club. Although no formal agreement has been reached between Ratcliffe and the Glazers as of now, the insider suggests that negotiations between the two parties are progressing and likely to be concluded in the weeks to come.
Notably, Sheikh Jassim bin Hamad al Thani of Qatar, a rival bidder for the soccer club, opted out of the competition the previous month. He had previously made a $6 billion offer, but he confirmed that he would not be revising his bid upward.
Jim Ratcliffe, who established Ineos in 1998, retains a two-thirds ownership stake in the chemical group and serves as its chairman and CEO. Forbes estimates his net worth at approximately $19 billion. Beyond his business endeavors, Ratcliffe is deeply involved in the world of sports. Ineos holds ownership of French Ligue 1 club Nice, Swiss Super League team FC Lausanne-Sport, and collaborates with Racing Club Abidjan in Ivory Coast's Ligue One. Additionally, Ineos is the driving force behind the Grenadiers, one of the most successful cycling teams globally.
Manchester United, with its illustrious history of 20 English league titles, boasts a colossal fan base of over 650 million supporters worldwide, according to market research firm Kantar. Nevertheless, a significant portion of these fans has been vocal about their desire for a change in ownership. The Glazers, who have presided over a period of decline in the club's performance, have faced criticism from the fan base. Despite winning the League Cup under the management of Erik ten Hag in the previous season, the team's third-place finish in the Premier League, trailing local rivals and treble winners Manchester City by 14 points, underscores the need for a significant revival. Photo by Steve Collis from Melbourne, Australia, Wikimedia commons.