Manchester United announced on Christmas Eve (24th) that British tycoon Ratcliffe has completed the purchase of a 25% stake in the club and will take over the soccer business. Ratcliffe has announced a US$300 million (HK$2.344 billion) capital injection and has decided to overhaul the management team, reportedly placing his close associates Bassett and Bryce on the board of directors, with the latter expected to become the new CEO of the club.
After more than a year of discussions, Ratcliffe, who had hoped to take over Manchester United, but the Grassa family had no intention of letting go, Ratcliffe-led INEOS Group finally bought a 25% stake in United for £1.3bn (HK$12.875bn) but was given the right to manage United's soccer business. A statement from United said: "INEOS will provide $300 million to United for future infrastructure investment, and they will also take over the management of United's soccer operations, including men's and women's soccer and youth training, and will have two seats on the board of directors."
Mr. Ratcliffe said, "As a Manchester man and a loyal fan, I am delighted to have taken a stake in Manchester United. We will bring global knowledge, experts and specialists to help United develop further and provide capital to secure future investment as we share a common and clear goal to take United back to where they belong - at the top of British, European and world soccer."
