Manchester United have confirmed they agreed deal with an English billionaire to buy 25% stake of the club.
Sir Jim Ratcliffe has purchased a stake in the club, which is reportedly worth £1.3 billion (R29.7 billion).
Ratcliffe's team will be responsible for the club's football operations, with his company INEOS injecting $300 million into the club.
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Statement:
Manchester United plc (NYSE: MANU) announced today that it has entered into an agreement under which Chairman of INEOS, Sir Jim Ratcliffe, will acquire 25 per cent of Manchester United's Class B shares and up to 25 per cent of Manchester United's Class A shares and provide an additional $300 million intended to enable future investment into Old Trafford.
As part of the transaction, INEOS has accepted a request by the Board to be delegated responsibility for the management of the Club's football operations. This will include all aspects of the men's and women's football operations and Academies, alongside two seats on the Manchester United PLC board and the Manchester United Football Club boards.
The joint ambition is to create a world-class football operation building on the Club's many existing strengths, including the successful off-pitch performance that it continues to enjoy.
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