MANCHESTER, England — After failing to win the Premier League in the last 10 years, Manchester United announced Sunday that it had agreed to sell a minority stake in the storied club to Jim Ratcliffe in a deal that would also see the British billionaire and boyhood fan take control of its soccer operations.
“We all want to see Manchester United back where we belong, at the very top of English, European and world ,” Ratcliffe said Sunday.
The record 20-time league champions have not won the title since former manager Alex Ferguson retired in 2013, prompting increased anger toward the Glazer family, United’s American owners.
The announcement of a deal came more than a year after the club was put up for sale.
Ratcliffe, who owns petrochemicals giant INEOS and is one of Britain’s richest people, has secured a stake of “up to 25%” in United and will invest $300 million in its Old Trafford stadium.
Ratcliffe will provide $200 million upon completion of the deal and a further $100 million by the end of 2024, United said. In total the deal will be worth around $1.6 billion, including the $300 million of funding.
The deal is subject to approval by the Premier League.
United is currently eighth in the league and has already been eliminated from European competition. Under-fire manager Eric ten Hag watched his team lose 2-0 at West Ham on Saturday, United’s 13th defeat in 26 games in all competitions this season.
Ratcliffe, who was born in Failsworth, Greater Manchester, had originally bid to buy the entire majority share of around 69% held by the Glazers.
“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 operations of the club,” Ratcliffe said.
“Whilst the commercial success of the club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times. We will bring the global knowledge, expertise and talent from the wider INEOS Sport group to help drive further improvement at the club, while also providing funds intended to enable future investment into Old Trafford.”
The transaction will be funded by Trawlers Limited — a company wholly owned by Ratcliffe — without any debt, United said. United fans have been critical of the leveraged nature of the Glazers’ buyout that loaded debt onto the club, as well as a perceived lack…
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