Ineos CEO buys stake in Manchester United Football Club

Sir Jim Ratcliffe (centre) in front of the Old Trafford stadium. Photo Credit: Ineos Group Ltd.

In a transaction valued at $1.6 billion, Sir Jim Ratcliffe, CEO of chemical maker Ineos Group Ltd., has entered into an agreement to acquire 25 per cent of Manchester United Football Club’s Class B shares and up to 25 per cent of its Class A shares.

Ineos will also provide an additional $300 million to support future investments into the Old Trafford soccer stadium in Greater Manchester, the home ground of Manchester United.

As part of the deal, Ineos said it has accepted a request by the board to be delegated responsibility for the management of the club’s football operations. This will include all aspects of the men’s and women’s football operations and academies, alongside two seats on the boards of Manchester United PLC and Manchester United Football Club.

“The joint ambition [of the deal] is to create a world-class football operation building on the Club’s many existing strengths, including the successful off-pitch performance that it continues to enjoy,” Ineos officials said in a Dec. 24 statement.

“As a local boy and a lifelong supporter of the Club, I am very pleased that we have been able to agree a deal with the Manchester United Board that delegates us management responsibility of the football operations of the Club,” Ratcliffe said in the statement.

Ratcliffe, 71, is a British billionaire, chemical engineer, and businessman who founded Ineos in 1998. He is the second wealthiest person in the U.K., according to the Sunday Times.

Ineos described the 145-year-old Manchester United team as one of the most popular and successful sports teams in the world, having won 67 trophies. The team competes in England’s Premier League.