On a quiet Christmas Eve (24th), Manchester United FC quietly disclosed the addition of a mysterious giant. Ratcliffe, a leading British businessman, purchased a 25% stake in the club in a swift move and took the helm of United's soccer affairs. Ratcliffe has announced a huge injection of US$300 million (HK$2.344 billion) and a complete reshuffle of the management team. It is believed that his close associates Basford and Bryans will join the board of directors, and the latter is expected to be promoted to be the new CEO of Manchester United.
After more than a year of secret negotiations, Ratcliffe, who was originally aiming for a full takeover of Manchester United, finally purchased a 25 percent stake in the company for 1.3 billion pounds (about HK$12.875 billion) in the face of the Grassa family's steadfastness, while obtaining the right to fully manage the soccer business of Manchester United. INEOS will provide United with $300 million for future infrastructure development and will take over United's soccer operations, covering men's and women's soccer and youth training, as well as two board seats, United said in a statement.
Ratcliffe was thrilled with the success of the shareholding: As a native of Manchester and a loyal Manchester United fan, I am immensely proud of this successful shareholding. We will bring in global knowledge, expertise and talent to help United achieve further growth and provide capital to secure future investment. We share a common and clear goal of bringing Manchester United back to where it belongs - at the top of English, European and world soccer.
