Manchester United has agreed to sell a 25% stake to the Chairman of Yingli Group for $1.3 billion.
Manchester United has agreed to sell a 25% stake to the Chairman of Ineos for $1.3 billion, valuing the club at approximately $5.4 billion. The completion of the transaction is subject to regulatory approval. Ratcliffe will provide an additional $300 million for future investments, including investments in Old Trafford stadium. The deal involves the Glazer family and Class A shareholders. Ratcliffe will acquire the 25% B-class shares owned by the Glazer family and begin acquiring 25% of the listed Class A shares.
Zhitong App has learned that the famous football club Manchester United has agreed to sell 25% of its shares to British billionaire Jim Ratcliffe for a price of $1.3 billion. Ratcliffe, the chairman of the fossil fuel giant Ineos, announced on Sunday that he will purchase 25% of the shares of the football club at a price of $33 per share. This transaction values Manchester United at approximately $5.4 billion, which is lower than some people's estimated valuation of $6 billion.
In his statement, Ratcliffe said, "Our common goal is clear. We both want to see Manchester United return to its rightful place, at the pinnacle of English, European, and world football."
Ratcliffe will also provide an additional $300 million for future investments in the Old Trafford stadium, where the famous Premier League team holds its home matches.
According to the statement, the Glazer family and Class A shareholders will receive the same price of $33 per share. Ineos will be responsible for the management of football operations. Under the terms of the deal, Ratcliffe will acquire the 25% of Class B shares owned by the Glazer family and begin purchasing 25% of the publicly listed Class A shares.
Previously, Ratcliffe had been competing with Qatar's Sheikh Khaled bin Zayed Al Nahyan for most of this year. In November of last year, the Glazer family announced that they were considering selling this famous British football club. The completion of this transaction is subject to approval from all necessary regulatory authorities, including the Premier League.