Manchester United announced that an agreement has been reached between the club and the chairman of INEOS, Sir Jim Ratcliffe to acquire up to a 25% shareholding in the company.
The sale will be of the Class B shares owned by the Glazers at a rate of US $33.00 per share. Sir Jim Ratcliffe will also provide an additional US $300 Million to enable further investment into Old Trafford.
The club announced the terms of the deal through a statement on their website, which read:
- Acquisition of 25% of the Class B shares held by the Glazer family
- Offer to acquire up to 25% of all Class A shares
- The Glazer family and Class A shareholders will receive the same price of $33.00 per share
- Further investment of $300 million in the Club
- INEOS delegated responsibility for management of football operations
- Completion of this deal is subject to receiving all necessary regulatory approvals including from the Premier League
This news will finally put to rest the longstanding rumours about the club being sold to a complete acquisition by investors from the Middle East, primarily Qatar. It remains to be seen how the fans would view this news with a majority of the club’s supporters pushing for a complete sale.
