Up to 25% of Manchester United's EPL team will be sold to a UK billionaire

More than a year after being placed on the market, Manchester United announced on Sunday that British billionaire Jim Ratcliffe has agreed to acquire a minority stake in the esteemed Premier League club.

Ratcliffe, the owner of the petrochemicals giant INEOS and one of Britain's wealthiest individuals, has secured a stake of "up to 25%" in the 20-time league champions and will invest $300 million in the club's Old Trafford stadium. As part of the agreement, Ratcliffe will assume responsibility for the club's soccer operations.

The deal involves an initial investment of $200 million upon completion, with an additional $100 million slated by the end of 2024. The comprehensive deal, including the $300 million in funding, is valued at approximately $1.6 billion. However, the transaction is contingent upon approval by the Premier League.

Born in Failsworth, Greater Manchester, Ratcliffe had initially pursued the purchase of the majority share of around 69% held by the Glazers, the club's American owners.

Expressing his satisfaction with the deal, Ratcliffe stated, "As a local boy and a lifelong supporter of the club, I am very pleased that we have been able to agree a deal with the Manchester United Board that delegates us management responsibility of the football operations of the club."

Ratcliffe's company, Trawlers Limited, wholly owns the entity funding the transaction without any debt. The leveraged nature of the Glazers' buyout, loading debt onto the club, has been a point of contention among United fans, along with the perceived lack of investment and dividends taken out by the owners.

The Glazers, United's executive co-chairmen, welcomed the financial commitment and commercial experience brought in by Sir Jim and INEOS. The Glazers also highlighted access to high-performance professionals through INEOS Sport, aiming to enhance the club's performance and success.

Last November, the Glazers announced plans to seek new investment, potentially involving a full sale, leading to Ratcliffe's competitive bid. The minority investment by Ratcliffe, who paid $33 per share, follows months of negotiations and the withdrawal of competing bidder Sheikh Jassim bin Hamad Al Thani.

Ratcliffe's investment into a club facing on-field challenges, including a decade of decline since the retirement of manager Alex Ferguson in 2013, comes amidst fan protests and chants of "Glazers out." While Ratcliffe's ownership was seen positively by fans, the Glazers will remain in place with the minority stake, contrary to longstanding fan campaigns advocating for their departure.

The joint ambition, as outlined by Manchester United, is to create a world-class football operation building on the club's existing strengths, both on and off the pitch. Ratcliffe, with a net worth of $15.1 billion, adds Manchester United to his portfolio, which includes ownership of French club Nice, cycling franchise Team INEOS, a share in the Mercedes-AMG Petronas Formula One team, and participation in the America's Cup with sailing team INEOS Britannia.