The company INEOS, owned by a British billionaire Jim Ratcliffe announced this Tuesday that the purchase of 27.7% of Manchester United is official after passing the necessary checks by the Premier League and the English federation (FA).
United announced the agreement, worth 1 billion pounds (1.2 billion euros)on December 24, but due to the mechanisms and rules that the Premier and the FA must guarantee the legitimacy of these operations, it has not become official until this Tuesday.
Investment in signings and facilities
In this transaction, the Glazer family, owners of the club since 2005, It is shedding its 27.7% after failing to reach an agreement with either Ratcliffe or other potential buyers, such as Qatar, for a complete sale of the club.
In addition to the 1,000 million contributed by INEOS for the minority percentage, Ratcliffe promised to inject another 300 million which will be used to integrate new players and improve facilities, mainly at Old Trafford.
“Bring United back to the top”
This operation also assumes Sports management is in the hands of INEOS, who will not have total decision-making power, but will be the leading voice in football decisions.
“Becoming a co-owner of Manchester United is a great honor and comes with many responsibilities. This marks the completion of the transaction, but it is just the beginning of our journey to return United to the top of European, English and world football. “The work to achieve the goals will accelerate from now on,” Ratcliffe said in a statement.
Glazer welcomes you
Joel Glazer, co-CEO, welcomed Ratcliffe and INEOS to “build a bright future” for Manchester United.
The Glazers have been heavily criticized by a large section of United fans for the club’s debt in recent years and the declining share of the sporting section.
The ‘Red Devils’ They haven’t won the Premier League since 2013 and the Champions League since 2008. Until winning the League Cup last season, the Old Trafford club had gone five years without lifting a title.
Source: La Verdad
I am Shawn Partain, a journalist and content creator working for the Today Times Live. I specialize in sports journalism, writing articles that cover major sporting events and news stories. With a passion for storytelling and an eye for detail, I strive to be accurate and insightful in my work.
