British billionaire Jim Ratcliffe expressed his joy and sense of duty as he completed the purchase of a minority stake in Manchester United on Tuesday.
The 71-year-old businessman described the opportunity to co-own the club as both a “great honour” and “responsibility.”
Ratcliffe’s investment, approved by the Premier League and English Football Association, grants him control over football operations at the renowned English club.
Last December, Ratcliffe agreed to buy a 25 percent stake in United from the Glazer family for approximately £1.02 billion ($1.3 billion).
Following this initial investment, he further invested $200 million, raising his total stake to 27.7 percent.
Additionally, Ratcliffe plans to inject another $100 million by year-end to enhance infrastructure at Old Trafford.
“This marks the completion of the transaction, but just the beginning of our journey to take Manchester United back to the top of English, European, and world football, with world-class facilities for our fans,” Ratcliffe stated in a club announcement.
He emphasized that efforts to achieve these objectives would intensify from that day onward.
Despite being a powerhouse in English football, United has struggled to replicate past successes.
The club’s last Premier League title came in 2013 under former manager Alex Ferguson, and their last Champions League triumph was in 2008.
Ratcliffe aims to reverse this trend and restore United’s glory days.
Acknowledging Ratcliffe’s arrival, Joel Glazer, United’s executive co-chairman, expressed optimism about the future collaboration.
“I would like to welcome Sir Jim as co-owner and look forward to working closely with him and INEOS Sport to deliver a bright future for Manchester United,” Glazer remarked.
Ratcliffe, a lifelong United supporter, has engaged with prominent fan groups and local leaders as part of his strategy to rejuvenate the club.
He has appointed Omar Berrada, formerly with Manchester City, as the new CEO. Additionally, Ratcliffe is close to securing Dan Ashworth from Newcastle to overhaul United’s recruitment structure.
Despite significant investment, United’s recent performance has been underwhelming.
They exited the Champions League group stages earlier this season and currently occupy sixth place in the Premier League standings.
Ratcliffe’s acquisition is part of a broader sports investment strategy by INEOS, which spans various sports including football, cycling, Formula One, athletics, and sailing.
