A statue of George Best, Denis Law and Bobby Charlton standing outside Old Trafford, home of Manchester United in Manchester, England.
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LONDON — Manchester United will next week announce that British petrochemicals billionaire Jim Ratcliffe will take a 25% stake in the soccer club, Sky News reported Monday.
The Ineos Group founder and CEO has long been linked with a takeover of the storied club, and Sky News reports that the agreement will see Ratcliffe pay £1.25 billion ($1.58 billion) to acquire 25% of the club’s listed A-shares in a $33-a-share deal.
He will also acquire 25% of current majority owners the Glazer family’s B-shares which carry greater voting rights, according to the report. Manchester United shares rose 1.5% on Monday.
Ratcliffe is expected to commit around £245 million of his personal fortune to upgrade the club’s aging infrastructure as part of the deal.
Both Ineos and Manchester United have been contacted for comment.
Having controlled the club since 2005, the Glazer family began formally exploring a sale in November 2022 after years of underperformance on the pitch relative to the club’s glittering history, and mass protests from fans.
Manchester United is currently seventh in the English Premier League and is on the verge of exiting the European Champions League in the group stages.
Though the most successful club in English soccer history, the Red Devils have been eclipsed over the last decade by bitter crosstown rivals Manchester City, winners of last season’s Premier League, Champions League and domestic cup competition.
This article was originally published on CNBC