Billionaire Ratcliffe mulls buying stake in Manchester United: Sky News

02.10.2023 - 20:03 channelnewsasia.com

British billionaire Jim Ratcliffe's INEOS Sports is contemplating buying a minority stake in Manchester United rather than seeking full control, in an effort to end a nearly ten month-long process to resolve the club's future ownership, Sky News reported on Monday (Oct 2).Ratcliffe's INEOS Sports has proposed to the controlling Glazer family a deal that would see it acquiring chunks of both their shares and the Manchester United stock publicly traded on the New York Stock Exchange in equal proportion, the report said.Members of the Glazer family own a minority stake in Manchester United and control it through a dual-class share structure.Manchester United and INEOS did not immediately respond to Reuters' requests for comment.

Sporting reports Sky News Jim Ratcliffe Britain New York

MANCHESTER, England: If British billionaire Jim Ratcliffe is successful in his attempt to buy a minority stake in Manchester United, he could end up with a major say in the running of the underperforming club. The owner of petrochemicals giant Ineos appears to be ready to invest in the storied English soccer club after rival Sheikh Jassim bin Hamad Al Thani of Qatar said over the weekend he was withdrawing from the bidding process. Ratcliffe is trying to buy a 25 percent share of United and also wants to run soccer operations, a person with knowledge of the proposal told The Associated Press. The person spoke on the condition of anonymity because they were not authorized to comment publicly. United’s American owners, the Glazer family, in November announced plans to seek outside investment that could have resulted in the sale of the 20-time English league champions. Ratcliffe initially bid for the family’s controlling stake of about 69 percent, while Qatari banker Sheikh Jassim wanted 100 percent of the club. With the process dragging on beyond an expected completion date of June, Ratcliffe has adjusted his offer and that could pave the way to him becoming a co-owner of the club he has supported since he was a child. THE PROPOSAL Ratcliffe’s bid would mean the Glazers, who also own the Tampa Bay Buccaneers, remain in control of United.

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