EPL: Jim Ratcliffe Increases Stake in Manchester United to 29%
Jim Ratcliffe has increased his stake in the club to nearly 29% after completing a crucial cash injection. This comes as part of a broader strategy to revitalize the Premier League giant, which Ratcliffe believes has slipped into mediocrity.
On Christmas Eve last year, Ratcliffe, the chairman of chemicals company INEOS, announced a deal to acquire 25% of United, committing an additional $300 million (£238 million) to improve the club’s infrastructure on top of his initial $1.3 billion purchase price.
The deal, ratified in February, reached its final stage on Wednesday when the US Securities and Exchange Commission confirmed the last $100 million (£79.3 million) payment had been made.
Additionally, an SEC filing revealed that all of Ratcliffe’s shares are being transferred to INEOS from Trawlers Ltd, the entity that purchased the stake from the Glazer family, who continue to hold the majority ownership of the club.
With INEOS now overseeing United’s football operations, Ratcliffe has made what he describes as “difficult and unpopular decisions.” Since becoming co-owner, he has overseen the departure of around 250 staff members and controversially stripped former manager Sir Alex Ferguson of his ambassadorial role.
The situation further escalated when the club announced a mid-season increase in ticket prices to £66 ($83) per match, without concessions for children or pensioners. This decision sparked outrage and protests among the fanbase, reflecting the growing discontent with the club’s management.
In a candid interview with the United We Stand fanzine, Ratcliffe emphasized the need for financial prudence, stating, “To get Manchester United to where we need to get it – it’s a bit like the country (Britain) – we have to make some difficult and unpopular decisions.” He acknowledged that while the path to success wouldn’t be swift, significant changes are already underway.
As Manchester United currently languishes in 13th place in the Premier League, newly-appointed manager Ruben Amorim faces the daunting task of steering the team back to its former glories. Ratcliffe’s commitment to transformation may be met with resistance, but he remains resolute that tough choices are essential for the club’s revival.
“If you shy away from the difficult decisions, then nothing much is going to change,” he asserted. “We won’t get everything right, but we haven’t been sat on our hands for nine months. There has been a lot of change.”
