Sir Jim Ratcliffe to invest $2BN in Manchester United
Sir Jim Ratcliffe is close to completing his 25% purchase of Manchester United.
The British billionaire’s INEOS group and Qatari banker Sheikh Jassim bin Hamad Al Thani had both been involved in the bidding process but were unable to meet the Glazers demands.
In a best-case scenario, an agreement could be reached next week, although sources have ruled out any announcement on Monday with all focus on Sir Bobby Charlton’s funeral. There is optimism things will be finalised in the next few weeks, though, even if next week proves a little ambitious.
Ratcliffe has been finalising a deal for a minority stake with an eventual path to control. However, sporting control will come immediately with Ratcliffe’s INEOS forming a committee alongside Joel Glazer to make football decisions.
Ratcliffe’s main rival, Sheikh Jassim bin Hamad al Thani, had pledged $1.7bn in investment prior to his withdrawal. The Qatari banker wanted to buy 100% of the club but failed to agree a price with the Glazers and will not be returning to the process.
Unlike Sheikh Jassim, Ratcliffe did not list his pledged investment as part of the bid to Raine Group because it was not deemed relevant to the process. But those close to INEOS stress the group are aware of what needs to be spent in order to modernise the club’s infrastructure and have discussed this directly with the Glazers in detail.
