According to a report on Sky News, British billionaire and owner of INEOS, a petrochemical firm, Sir Jim Ratcliffe, is reportedly set to announce the completion of his £1.3bn Manchester United takeover that will see own a 25% stake in the Red Devils early next week.
The Glazers family, United owners, first signalled their intention to sell the club in November 2022. Ratcliffe and Qatari billionaire Sheikh Jassim offered £ 5 billion to buy United outright, but after several rounds of bidding, the Glazers rejected Jassim’s offer.
Ratcliffe initially proposed buying a 51 percent stake. However, the British Billionaire returned in October with an offer to purchase just 25 per cent, which was eventually agreed upon at the board level and will see the Glazers stay in some capacity.
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According to Sky News, the Glazers and Ratcliffe have agreed to have a meeting next week, which will finally seal the takeover deal.
Ratcliffe also plans to commit £245m to renovate United’s ageing Old Trafford stadium.
It will likely cost more to make the necessary improvements to the ageing venue. Old Trafford was once the elite stadium in England but has been surpassed by several of its rivals.
