Jim Ratcliffe Takes the Helm at Manchester United
Manchester United to be taken over by British billionaire Jim Ratcliffe
In a move that has stunned the football world, British billionaire Jim Ratcliffe, originally from Manchester, has agreed to take over the management of the Manchester United football club, according to a report by the BBC.
Ratcliffe has reached an agreement to acquire a 25% stake in the club from the American Glazer family for a staggering 1.25 billion pounds sterling ($1.3 billion). His chemical company Ineos Group will now have control over the sporting activities of one of the richest, most decorated, and popular football clubs in the world.
In addition to the purchase of the stake, Ratcliffe has committed to investing $300 million in the redevelopment of the club’s iconic Old Trafford stadium.
“My lifelong passion for Manchester United is well-known, and as a fan, it is an honor to be able to contribute to the club’s future success. Our common goal is clear: we want to see Manchester United where it belongs, at the top of English, European, and world football,” Ratcliffe said in a statement.
The Glazer family had originally bought the club in 2005 for around $1.35 billion (£790m) and had been exploring the sale of the club’s shares for over a year. One of the potential buyers was Qatari banker Sheikh Yasim bin Hammad al-Thani, who had expressed a willingness to acquire the entire club for a sum of five billion.
As Manchester United currently sits in 8th place in the English Premier League, 12 points behind Arsenal, and finished last in their Champions League group, the arrival of Ratcliffe as the new owner has brought hope and optimism to the club and its supporters.
The acquisition of the stake by Ratcliffe marks a significant turning point for Manchester United, and fans around the world will be eagerly anticipating the changes and innovations that the new ownership will bring to the club.
Photo: isport.ua
