Man Utd’s announcement said: Today Manchester United PLC (NYSE: MANU) has signed an agreement under which INEOS Chairman Sir Jim Ratcliffe will buy 25% of Man Utd shares for $33 each shares and provide an additional 300 million USD to support future investment in Old Trafford.”
INEOS Chairman Sir Jim Ratcliffe said: “As a local and long-term fan of the club I am delighted that we has agreed an agreement with the Man Utd Board of Directors giving us responsibility for managing the club’s football activities. Although the club’s commercial success has ensured that funds are available to win trophies at the highest level, this potential has not been fully exploited in recent times. INEOS Sport will drive further improvements at the Club while providing capital to support future investment in Old Trafford.
We are here for the long term and recognize that there is still A lot of challenges and hard work lie ahead. We will approach everything with serious professionalism and passion. We are committed to working with everyone at the club – the board, the players and the fans – to help take the club forward.
“Shared ambition Our mission is clear: We all want to see Man Utd return to where we belong at the pinnacle of English football in Europe and the world.”
This stock transaction subject to customary regulatory approvals and both parties hope things will be completed as soon as possible.
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