British billionaire Jim Ratcliffe, who owns 60% of INEOS petrochemical empire, has acquired a 25% stake in Manchester United from the Glazer family for £245 million, valuing the club at a £1.3 billion in-tray. The UK's second-richest person, with a £16.8 billion fortune, Ratcliffe will delegate his PLC board seats to John Reece, who is worth an estimated £9.1 billion, and Rob Nevin, and his UK Club board seats to Sir Dave Brailsford and Jean-Claude Blanc. INEOS's sports interests span from sailing and F1 racing to football and cycling. Fans are optimistic about the club's future, despite concerns over Old Trafford's condition and potential job cuts of up to 300 positions. Manchester United's stock price has risen 8% to $21.5, although the $33 mark is reserved for only 25% of shares. The future of manager Erik ten Hag is also a subject of interest following the investment.
The owners of $MANU have sold a minority stake in the team to British petrochemical billionaire Jim Ratcliffe. @SaraEisen & @ScottWapnerCNBC discuss the news and the ballooning valuations for sports franchises. https://t.co/fJTsBRFB7F
🚨 Sir Jim Ratcliffe to Manchester United Supporters' Trust. “Dear MUST, I wanted to write to you at this time given the critical role of the fans to the future of Manchester United as we recognise our responsibility as custodians of the Club on your behalf. I believe we can… https://t.co/ZkmAb8NgG3
Sir Jim Ratcliffe could cut 300 jobs at Manchester United as bombshell details come to light https://t.co/fq0ERqfcAj
Jim Ratcliffe could cut 300 jobs at Manchester United in streamlining https://t.co/2Bfyl0VKCG
"If you get off the pitch right, on the pitch works a lot quicker." 🗣️ Sir Jim Ratcliffe's Ineos Group have agreed a deal to buy 25% of Manchester United. @MarkOgden_ & @AdamCrafton_ discuss the areas they will look at once the shareholding is ratified. #BBCFootball #MUFC https://t.co/wvoaaEn5v4
Sir Jim Ratcliffe admits the need for “time and patience” in an open letter to Manchester United supporters 🔗 https://t.co/Wl3LG44HoX ⬇
🔴 Ten Hag: “Man United fans are very disappointed in us and we have to put things right”. “We have to do things differently and we really appreciate all the time they're supporting us”. “But of course we need any help. But first of all, the team and I have to do it”. https://t.co/JRa1EnokqF
⚽️Sir Jim Ratcliffe urged to demolish decaying Old Trafford https://t.co/kqLTbf8SpZ
Up 8% to $21.5 right now. Not surprised… The $33 mark is only for 25% of your shares. Rest doesn’t deserve a premium until there is clarity on further purchases from Ratcliffe. $MANU https://t.co/fvAmUM83vM
After months of uncertainty, #MUFC's players will hope the arrival of Sir Jim Ratcliffe will create an environment in which they can finally thrive. In this column for @TheAthleticFC I explain what footballers really need & want from their club's owner. https://t.co/oDdqHahYxl
Erik ten Hag has urged his players to “put things right and do things different” after a series of poor performances before Sir Jim Ratcliffe’s bid for 25 per cent of Manchester United was accepted by the Glazer family ⬇️Read below |✍️ @DickinsonTimes https://t.co/mU8nrnwUc6
Fixing fragile Manchester United team is Jim Ratcliffe’s first task Erik Ten Hag’s team lack the swagger of a big club or the identity of a relegation scrapper – and they can’t score ⬇️Read below |✍️@allyrudd_times https://t.co/n2nAOAtm6i
Sack Erik ten Hag? Jadon Sancho - save or sell? What happens in January? And will Raphael Varane follow another big-contract star out the exit door? Sir Jim Ratcliffe's £1.3bn in-tray at Man United https://t.co/hkqm6rB5K6 https://t.co/iPQu5FI3ag
From Ten Hag’s future to a leaking roof: Ratcliffe’s Manchester United in-tray https://t.co/xfzutOEqP2
We should celebrate Sir Jim Ratcliffe keeping Man Utd's English identity intact ✍️ @oliverbrown_tel #TelegraphFootball | #MUFC
Rain pouring through the roof, cramped seats, flaking paint and little room to expand... Man United's once great Old Trafford home is now a source of ridicule, so will Sir Jim Ratcliffe's promised £245m investment make ANY difference? https://t.co/1AasNrVkLK https://t.co/KWSL0u6pUN
Sir Jim Ratcliffe FINALLY gets his foot through the door of English football... so, after going from growing up in a council house to a £16.8billion fortune, can he be the man to turn Man United around? https://t.co/eelGevnkIp https://t.co/s3yoBvZgAk
The UK's second-richest person is committing £245m of his multibillion-pound fortune to Manchester United as part of a deal to acquire a 25% stake. Here's a look at why Sir Jim wants a stake in the club - and what impact he could have 👇 https://t.co/A6aJ3r0CcW
1/9 $MANU deal thoughts (I am long) the 110.2m Class B shares are held by the 6 members of the Glazer family so interesting to see if some cash out completely & others stay in or just pro-rata. Avram & Joel clearly think the valuation can grow substantially but
Man United: Sir Jim Ratcliffe 'a great backer' who 'understands sport', says Ineos Team UK's Ben Ainslie https://t.co/UA7xoRsWeM
Manchester United fans insist Sir Jim Ratcliffe's arrival represents 'light at the end of the tunnel'... as they call on the lifelong supporter to bring a 'worthy sporting project' to Old Trafford https://t.co/2Z929CFbQv https://t.co/2hotwod1bE
The sports interests of British billionaire Jim Ratcliffe's INEOS petrochemical empire range from sailing and F1 racing to football and cycling @AFPsports https://t.co/uVgxtED5UC https://t.co/ziQ1qFLTx1
John Reece joins the Man United PLC board. Ratcliffe owns 60 per cent of INEOS. But partners John Reece & Andy Currie own the rest. Reece is worth estimated £9.1bn, 14th in the Sunday Times Britain rich list. https://t.co/zDFEmEjgXs
$MANU The fact is that some of the Glazers believe that the club worth much more over the long term - but they need someone (& their money) to help extract that value. Will Jim Ratcliffe’s stake in Manchester United lighten damp air at Old Trafford? https://t.co/sK8ZV53ksH
Subject to all approvals, Sir Jim Ratcliffe will delegate his seats on the PLC board to John Reece, a shareholder of INEOS and Rob Nevin, Chairman of INEOS Sport. On the UK Club board, he will delegate his seats to Sir Dave Brailsford and Jean-Claude Blanc https://t.co/J6MAAEpMYs