Jim Ratcliffe increases Manchester United stake after completing $100m cash injection
Jim Ratcliffe has increased his stake in Manchester United to nearly 29 percent after completing the cash injection he promised when purchasing a minority share of the Premier League club.
On Christmas Eve last year it was announced the British billionaire businessman, the chairman of chemicals company INEOS, had agreed a deal to buy 25 percent of the club, including investing a further $300 million (£238 million) into infrastructure on top of his $1.3billion purchase price.
That deal was ratified in February and the US Securities and Exchange Commission has confirmed the final $100 million (£79.3 million) was paid on Wednesday.
The SEC filing published Thursday also confirmed that all of Ratcliffe’s shares in United are being transferred to INEOS from Trawlers Ltd, which bought the stake from the US-based Glazer family, who remain the club’s majority owners.
With INEOS now in charge of United’s football operations, Ratcliffe has made what he calls “difficult and unpopular decisions” since becoming co-owner at a club he felt had become “mediocre”.
