MANCHESTER, England - In a significant ownership change at one of the world's most renowned football clubs, Manchester United plc (NYSE: NYSE:MANU) has confirmed that Sir Jim Ratcliffe has acquired a 25% stake in the club. This transaction follows the successful tender offer by Trawlers Limited, a company fully owned by Sir Jim Ratcliffe, for a quarter of Manchester United's Class A shares at a price of $33.00 per share, which expired on February 16, 2024.
The offer led to the acceptance of 13,237,834 Class A shares, which equates to 25% of the total outstanding Class A shares. Additionally, Sir Jim Ratcliffe has purchased a similar stake of Class B shares. Together with the shares acquired through the tender offer, this brings his total ownership to approximately 27.7% for each class of shares. The acquisition was finalized upon receiving necessary approvals from the Football Association and the Premier League.
Following this, Sir Jim Ratcliffe has made a $200 million investment into Manchester United through a primary issuance of additional Class A and Class B shares. There is also a commitment to invest another $100 million by December 31, 2024. The funds are earmarked for future investment in the club's infrastructure, particularly the Old Trafford stadium.
Sir Jim Ratcliffe expressed his honor in becoming a co-owner of Manchester United and emphasized the responsibility that accompanies this role. He stated that while the transaction marks a completion, it is just the beginning of a journey aimed at restoring Manchester United to the pinnacle of English, European, and world football. He also highlighted the commitment to improving facilities for the fans.
Joel Glazer, Executive Co-Chairman of Manchester United, welcomed Sir Jim as a co-owner and expressed enthusiasm for working with him and INEOS Sport to secure a prosperous future for the club.
Manchester United is celebrated for its 146-year football heritage and has won 67 trophies, which the club believes has helped it become a leading sports and entertainment brand with a global fan base.
This news article is based on a press release statement. The details of the transaction and subsequent investments provide a factual update on the ownership and financial commitments concerning Manchester United.
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