Jim Ratcliffe, chairman of INEOS, has increased his stake in Manchester United to nearly 29% following the completion of a $100 million (£79.3 million) cash injection promised as part of his minority purchase of the Premier League club.
The original agreement was a $1.3 billion (£1.03 billion) deal for 25% that was sealed last Christmas Eve and approved in February. Ratcliffe promised an extra $300 million (£238 million) for infrastructure, the final piece of which has now been paid, a US Securities and Exchange Commission filing shows.
All the shares bought by Ratcliffe have been transferred to INEOS from Trawlers Ltd, with the ownership of United’s football operation now firmly in the hands of INEOS, with the Glazer family retaining the majority ownership. Since his takeover, Ratcliffe has made some major changes including the unpopular sacking of 250 staff and the removal of former manager Sir Alex Ferguson from his ambassadorial role.
Fan protests have resulted from increased ticket prices to £66 a match without concessions for children or pensioners, but Ratcliffe would not be swayed. Speaking with United We Stand, he indicated tough decisions are necessary now to revitalize the club that currently sits 13th in the Premier League under its new manager Ruben Amorim. “We won’t get everything right,” he said, “but change is essential for success.”
