Manchester United and Jim Ratcliffe deal is just a week away: report
- Billionaire Jim Ratcliffe to secure a 25% stake in Manchester United.
- He will also buy 25% of its B-shares that the Glazer family owns.
- Manchester United stock is currently down 30% versus its YTD high.
Manchester United PLC (NYSE: MANU) is in focus this morning following a report that it will confirm its much-anticipated deal with billionaire Jim Ratcliffe next week.
Ratcliffe to secure a 25% stake in Man United
Copy link to sectionOn Monday, Sky News said that the founder and chief executive of INEOS Group will pay £1.25 billion ($1.58 billion) for a 25% stake in the professional football club.
He will purchase 25% of its B-shares as well that the Glazer family currently owns. Those shares bear greater voting rights.
The news arrives more than a month after the “Red Devils” reported record revenue for its fiscal 2023 on the back of commercial and matchday strength.
Shares of Manchester United are down about 30% versus their year-to-date high at writing.
INEOS will get two boardroom seats
Copy link to sectionSky News also said today that Sir Jim Ratcliffe will delve into his personal fortune for another £245 million that he’ll use to upgrade the sports club’s infrastructure.
Neither Manchester United nor INEOS has so far commented on its report that suggests the petrochemicals behemoth will receive “two boardroom seats at Old Trafford” as part of the deal as well.
Note that Sheikh Jassim Bin Hamad Al Thani – a Qatari politician had last week submitted a second bid to acquire the football club as well.
Others that recently announced an increased offer include Thomas Zilliacus of Finland. Wall Street currently has a consensus “overweight” rating on shares of Manchester United PLC.
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