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Billionaire Jim Ratcliffe has completed the purchase of a stake in Manchester United, defeating rival bids from petro-states and hedge funds and ending a bidding war marked by hype and rancor.
Through his chemical conglomerate Ineos Group, Ratcliffe will pay $33 a share for a 25% stake in the club, valuing the club at about $5.4 billion, falling below initial hopes of $6 billion.
The decision to bring in Ratcliffe, one of Britain’s richest people, marks the end of a drawn-out sale process officially begun by the Glazer family just over a year ago.
According to a statement on Sunday:
- Ratcliffe will acquire 25% of the Class B shares owned by the Glazer family and begin a tender offer for 25% of the listed Class A shares
- Ratcliffe will invest $300 million into club
- New investors will get two board seats.
For much of the past year, Ratcliffe battled a rival offer from Sheikh Jassim bin Hamad Al Thani, the third son of Qatar’s former prime minister, for outright control of the club.
In October, the Qatari camp withdrew its offer, claimed to be around the £5 billion mark, but which likely included debt and host of funding extras such as redevelopment of the training ground.
It remains to be seen how Ratcliffe, a self-made billionaire, will manage the club alongside Joel and Avram Glazer, who inherited the team from their father Malcolm.
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