[ad_1]
Sir Jim Ratcliffe is to commit $300m (£245m) from his multibillion pound fortune to Manchester United Football Club’s ageing infrastructure as part of a deal to acquire a 25% stake that will be unveiled this month.
Sky News can exclusively reveal that Sir Jim, founder of the Ineos petrochemicals empire, will pledge the investment alongside the acquisition of a shareholding likely to be worth more than £1.25bn.
Sources said on Friday that the £245m investment would be staggered, with the bulk of it being handed to the club by the end of the year.
They added that it would be financed by Sir Jim personally and would not add to Manchester United’s existing borrowings.
Sir Jim’s purchase of a 25% stake in the Red Devils – first revealed by Sky News last month – will come almost exactly a year after the Glazer family, which has controlled the club since 2005, began formally exploring a sale.
Adding together the cost of the stock purchase and the other capital for investment means that Sir Jim will be committing about £1.5bn on day one of his United interest, although that figure could vary depending on the price he ultimately pays for the shares.
After months of negotiations with several potential buyers, including the Qatari businessman Sheikh Jassim bin Hamad al-Thani, the British billionaire’s acquisition of a minority stake has emerged as the Glazers’ preferred option.
The deal is expected to be announced within a fortnight, although negotiations between Sir Jim’s team and the Glazers are ongoing, meaning that the timetable for an announcement remains subject to change.
One source close to the talks said the additional $300m investment would be focused on United’s physical infrastructure, and not on addressing deficiencies on the playing side of the club.
The men’s first team has been plunged into crisis after successive 3-0…
[ad_2]
