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The English football giants Manchester United and the Ineos Group’s CEO Sir Jim Ratcliffe are reportedly expected to announce a deal early next week which will see him take 25 per cent stake in the club for $1.58 billion. The confirmation of the transaction will ensure that Ineos Group receives two boardroom seats at Manchester United.
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As per the report from Sky News, the sources said that the timetable for the deal “could yet slip again,” but both the parties are now expecting that the announcement goes through early next week. Notably, Sir Jim Ratcliffe and the former cycling supremo Sir Dave Brailsford, the Director of Sporting Operations of the Ineos Group are not expected to join the public company board of Manchester United football club.
The deal between Manchester United and Ineos Group will be $33-a-share, which is going to be structured as a tender offer to acquire 25% of the listed A-shares. Also, the Glazers Family, the owners of Manchester United, will be selling 25% of their B-shares to Sir Jim Ratcliffe, which have a greater voting right at the club’s board proceedings.
Sir Jim Ratcliffe plans to commit $300 million to improve Manchester United’s infrastructure
After securing a deal to get a stake at Manchester United, Sir Jim Ratcliffe of the Ineos Group reportedly plans to commit $300 million to the ageing infrastructure of the club. The bulk of this capital will be handed to the club in the near term, once the transaction between both parties takes place.
But, at the same time, it is likely that Manchester United’s existing infrastructure at the Old Trafford will be needing more than $300 million to ensure that it becomes one of the best stadiums yet again.
