Sir Jim Ratcliffe 25% purchase of Manchester United complete
It was ratified by the Premier League and the FA earlier this week
Last updated 20th Feb 2024
Sir Jim Ratcliffe's 25-percent purchase of Manchester United is complete.
It was ratified by the Premier League and the FA earlier this week.
The Greater Manchester billionaire's purchase is worth about £1.03 billion.
Owners the Glazer family will retain a majority stake in the club but Ratcliffe's Ineos Group will take control of football operations.
The 71-year-old has made multiple trips to Old Trafford whilst waiting for the deal to receive final approval.
Sir Jim Ratcliffe said it's a great honour:
“To become co-owner of Manchester United is a great honour and comes with great responsibility. This marks the completion of the transaction, but just the beginning of our journey to take Manchester United back to the top of English, European and world football, with world-class facilities for our fans. Work to achieve those objectives will accelerate from today.”
Joel Glazer, Executive Co-Chairman, has welcomed Sir Jim to the club:
“I would like to welcome Sir Jim as co-owner and look forward to working closely with him and INEOS Sport to deliver a bright future for Manchester United.”
In a statement the club confirmed the details of the deal:
"Manchester United plc (NYSE: MANU), and Trawlers Limited, an entity wholly-owned by Sir Jim Ratcliffe, are pleased to confirm that Sir Jim Ratcliffe has completed his acquisition of 25% of the club’s Class B shares and 25% of the club’s Class A shares, following the satisfaction of all conditions, including approvals from the Football Association and the Premier League.
"The tender offer (the “Offer”) by Trawlers Limited for up to 25% of the Class A shares, at a price of $33.00 per share, expired one minute after 11:59 pm Eastern Time on 16 February 2024. Following the expiration, Trawlers Limited accepted for payment 13,237,834 Class A shares validly tendered in the Offer (and not validly withdrawn), representing 25% of the total outstanding Class A shares as of expiration. Computershare Trust Company N.A., the depositary for the Offer, has advised that the proration factor for the Offer is approximately 26.2%."
Ratcliffe's investment is $200 million, plus a further $100 million by the end of the year:
"Following the closing of the Offer and the acquisition of the Class B shares, Sir Jim has invested $200 million into the club for additional Class A and Class B shares via a primary issuance, resulting in ownership of approximately 27.7% of the club’s Class A shares and 27.7% of the club’s Class B shares, with a further $100 million to be invested by 31 December 2024. These funds are intended to enable future investment in infrastructure at Old Trafford."