Ratcliffe becomes minority shareholder in Manchester United

Manchester United announced on Sunday that Jim Ratcliffe, the Chairman of INEOS, has acquired a 25% stake in the club as a minority shareholder. This significant purchase was made at a price of $33 per share, following a lengthy bidding process that spanned over 12 months.

Qatar's Sheikh Jassim bin Hamad al Thani had initially expressed interest in purchasing the club, but ultimately withdrew from the process, stating that he would not increase his $6 billion offer.

Consequently, the Glazer family, who are the current owners, reached an agreement with British billionaire Ratcliffe's INEOS.

In addition to acquiring the club, INEOS will assume responsibility for managing Manchester United's soccer operations. They have also committed to investing $300 million into the club.

The club released a statement confirming that INEOS has agreed to oversee all aspects of the men's and women's football operations, as well as the Academies.

Furthermore, INEOS will be granted two seats on both the Manchester United PLC board and the Manchester United Football Club boards.

It is worth noting that INEOS already owns French Ligue 1 club Nice, Swiss Super League side FC Lausanne-Sport, and collaborates with Racing Club Abidjan of Ivory Coast Ligue One. Additionally, they are the driving force behind the highly successful cycling team, the Grenadiers.