2023-12-24T17:52:43+00:00
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/ The management of Manchester United Football Club in the English Premier League revealed on Sunday that a British car manufacturing company has acquired 25% of the club’s shares.
The club’s management said in a statement reported by Reuters that Ineos CEO Jim Ratcliffe had acquired a minority stake of 25%, for $33 per share.
Qatari Sheikh Jassim bin Hamad Al Thani was also seeking to take over the club but pulled out of the race, saying he would not increase his $6 billion offer, with the British billionaire striking the deal with the Glazer family, who own the club.
Ineos is responsible for managing the club’s football operations and is investing $300 million in the club.
“As part of the deal, Ineos has accepted a request from the board of directors to take over responsibility for managing the club’s football operations,” the club’s management said.
“This includes all aspects of the men’s and women’s football operations and academies as well as two seats on the boards of Manchester United and Manchester United Football Club,” she added.
Ineos owns French Ligue 1 club Nice and Swiss Super League side Lausanne, and works with partner club Racing Abidjan of Côte d’Ivoire. Ratcliffe is behind the Grenadiers, one of the world’s most successful cycling teams.