Reports that British billionaire Sir Jim Ratcliffe’s $1.57 billion deal for a 25% stake in Manchester United would be confirmed this week have been refuted, with new information suggesting a possible delay until January.
Freelance sports journalist Peter Hall shared on social media platform X (previously known as Twitter) that an announcement regarding the deal’s completion is unlikely to occur this week. While it may still happen next week, the possibility of a delay until January exists.
Manchester United Ltd. (MANU) shares experienced a 1% decrease on Monday, while the S&P 500 index rose by 0.2%. In 2023, the stock has declined by 17.2%, contrasting with the S&P 500 index’s 20.1% gain.
Sir Jim Ratcliffe, the CEO of chemical giant Ineos, is set to acquire a 25% stake in Manchester United. The confirmation of this investment is anticipated to take place before Christmas, according to The Athletic. Last week, Sir Dave Brailsford, the director of sport at Ineos, and Jean-Claude Blanc, Ineos Sport CEO, met with Manchester United executives at the club’s Old Trafford stadium. It is expected that Brailsford and Blanc, both accomplished figures in their respective fields, will play pivotal roles in United’s football operations once Ratcliffe’s stake is approved.
Manchester United’s Minority Stake Completion
The completion of Jim Ratcliffe’s minority stake in Manchester United has been deemed “complex” by The Athletic. The club, which is majority-owned by the American Glazer family, is registered in the Cayman Islands and its shares are traded on the New York Stock Exchange.
Ratcliffe has been in a takeover battle with Qatar’s Sheikh Jassim to gain control of the club from the Glazers, who have held ownership since 2005. In an attempt to break the deadlock, Ratcliffe restructured his bid.
While awaiting ratification of the deal, Ratcliffe remains in limbo, although it is widely expected that he will join Manchester United before the end of the year, according to the Manchester Evening News.
Manchester United and Ineos have not yet provided a comment on this matter.
Changes in Management
In other news, Chief Executive Richard Arnold of Manchester United has stepped down. Patrick Stewart, General Counsel, will handle the interim duties until a new permanent CEO is appointed.
Recent Performance
Manchester United recently suffered a 3-0 defeat against Bournemouth, leaving them in sixth place in the Premier League. Their next game will be against Bayern Munich in the Champions League on Tuesday.
Additional Stakeholder
Hedge-fund billionaire Leon Cooperman has also taken a stake in Manchester United, further adding to the club’s diverse ownership structure.
