The richest man in the UK has acquired a minority stake in Manchester United for $1.3 billion.
On December 24 local time, Manchester United Football Club (hereinafter referred to as "Manchester United") announced on its official website that Jim Ratcliffe, chairman of INEOS, the chemical company, and the richest man in Britain, would acquire 25% of the Class B shares of Manchester United from the Glazer family, the actual controller of Manchester United Football Club, at a price of $33 per share, And began to acquire up to 25% of A-shares, as well as an additional $300 million investment for Manchester United's home stadium at Old Trafford. Ineos Group will acquire the operational management rights of Manchester United Football Club, including two seats on the boards of Manchester United Limited and Manchester United Football Club.
Based on a valuation of $33 per share, Manchester United's valuation, including debt, amounts to $6.3 billion. As of the close on December 22nd, the stock price of Manchester United (NYSE: MANU) closed at $19.84 per share, up 1.02%, with a total market value of $3.224 billion.
According to foreign media reports, the agreement between the two parties also mentions that if the Glazer family intends to sell more shares in the future, Ratcliffe has the right to purchase them first, which may also lay the groundwork for their comprehensive acquisition of Manchester United.
At this point, the 13 month long Manchester United acquisition case has finally come to an end. In November 2022, the Glazer family, who have controlled Manchester United for over 18 years, announced that they are considering selling their shares in the club. Since legendary coach Alex Ferguson retired in 2013, Manchester United has never won the Premier League championship again, and the club's declining performance has also led to criticism from fans for the Glazer family.
Subsequently, the Qatar consortium led by Sheikh Jassim and the Ineos Group in Ratcliffe jointly launched bids. But after multiple rounds of bidding, the Qatar consortium, which once claimed to have set a world record for bidding, withdrew from the competition in October this year. In the end, the Ineos Group, led by Ratcliffe, became the winner by throwing money. However, Ratcliffe also made a compromise on this, initially proposing to acquire a 69% stake in Manchester United, and later lowering the demand to 25%.
Ratcliffe wrote in a statement, "As a local and lifelong supporter of the club, we are pleased to have reached an agreement with the Manchester United board of directors to grant us management rights in the club's football operations."
Ratcliffe also stated that despite the financial support brought about by commercial success, Manchester United's potential has not been fully unlocked: "Our vast English sports team will bring global knowledge reserves, experts, and talents to Manchester United, help the club make progress, and provide future financial investment for Old Trafford Stadium."
Ratcliffe, 71, who is known as the "king of British chemicals", was born in Manchester and has publicly said many times that he was a "tortured Manchester United fan" since he was young. Ratcliffe founded the Ineos Group in 1998, which has become a globally renowned large chemical and energy company with businesses covering fields such as chemical, oil, and natural gas. According to the 2023 Forbes Global Billionaires List, Ratcliffe's wealth reached $22.9 billion (approximately RMB 168 billion), ranking first in the UK and 67th on the overall list.
Under the leadership of Ratcliffe, Ineos has extensively expanded its presence in the sports field over the past 10 years, owning one-third of the shares in the Ineos Britannia sailing team, F1 Mercedes team, and franchise rights for Team Sky cycling team, among others. In contrast, Yinglishi's performance in the football industry is relatively low-key, and his biggest move before acquiring Manchester United was his intention to buy Chelsea Football Club in the UK.