On a quiet Christmas Eve, Manchester United suddenly released a big news, announcing that British tycoon Ratcliffe has officially become a 25% shareholder of the team and started to take full charge of United's soccer affairs. The new shareholder has started a reform frenzy since he took office, not only announcing a huge investment of US$300 million (about HK$2.344 billion), but also deciding to carry out a complete reshuffle of the management. It is rumored that his close associates Basford and Bryans will be included in the board of directors, and Bryans is even expected to be promoted to the new chief executive of United.
After a year-long negotiation, Ratcliffe, who was originally ambitious to buy Manchester United in its entirety, failed to do so due to the firm resistance of the Grassa family. In the end, the Ratcliffe-led INEOS group bought a 25 percent stake in United for 1.3 billion pounds (about HK$12.875 billion), and also gained the right to manage the soccer business. INEOS will provide United with US$300 million for future infrastructure development and take over United's soccer operations, including the men's and women's soccer teams and youth training programs, and will have two board seats, an official United statement said.
After successfully taking a stake in Manchester United, Ratcliffe couldn't hide his joy: As a resident of Manchester City and a big fan of Manchester United, I'm incredibly excited about this successful stake. We will bring global intelligence, expertise and talent to help take United to new heights and secure funding to support future investment. We share a common and clear goal to bring United back to the top of English, European and world soccer.
