Ratcliffe Acquires Minority Stake in Manchester United

Manchester United, competing in the English Premier League, announced on Sunday that Jim Ratcliffe, CEO of INEOS, has acquired a minority stake of 25% for $33 per share. Qatari Sheikh Jassim bin Hamad Al Thani was also seeking to acquire the club but withdrew from the race, stating he would not increase his offer valued at $6 billion, leading the British billionaire to finalize the deal with the Glazer family, the club's owners. INEOS will be responsible for managing the football operations of the club and will invest $300 million into it. The club stated, "As part of the deal, INEOS agreed to a request from the board to take responsibility for managing the club's football operations." It added, "This includes all aspects of men's and women's football operations and academies, along with two seats on the boards of Manchester United plc and Manchester United Football Club." INEOS owns OGC Nice, a team in France's Ligue 1, and Lausanne, a team in the Swiss Super League, and collaborates with partner club Racing Abidjan from Ivory Coast. Ratcliffe is also behind the Grenadiers team, one of the world's most successful cycling teams.