MAN UNITED ANNOUNCES JIM RATCLIFFE 25% SHARE
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By Sefiu Ajape
On Sunday, Manchester United revealed that an agreement has been reached with Sir Jim Ratcliffe, Chairman of INEOS, to purchase up to a 25% share of the club.
According to the deal, Ratcliffe’s company will purchase 25% of the Class B shares held by the Glazer family, who have owned United since 2005. In addition, he will start a tender offer to purchase up to 25% of the Class A shares.
As per the agreement, the Glazers and Class A shareholders will get $33 for each share.
The agreement calls for INEOS to oversee all aspects of United’s football program, including the men’s and women’s teams as well as the academies.
“We are delighted to have agreed this deal with Sir Jim Ratcliffe and INEOS,” said United co-chairmen Avram and Joel Glazer in a statement.
“Sir Jim and INEOS bring commercial experience and significant financial commitment into the club,” they added.
Ratcliffe, a lifelong United fan, said he was “pleased” to reach an agreement that gives INEOS “management responsibility of the football operations.”
“Our shared ambition is clear: we all want to see Manchester United back where we belong, at the very top of English, European and world football,” he stated.
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