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MANCHESTER, England (AP) — After failing to win the Premier League in the last 10 years, Manchester United announced Sunday that it had agreed to sell a minority stake in the storied club to Jim Ratcliffe in a deal that would also see the British billionaire and boyhood fan take control of its soccer operations.
“We all want to see Manchester United back where we belong, at the very top of English, European and world football,” Ratcliffe said Sunday.
The record 20-time league champions have not won the title since former manager Alex Ferguson retired in 2013, prompting increased anger toward the Glazer family, United's American owners.
The announcement of a deal came more than a year after the club was put up for sale.
Ratcliffe, who owns petrochemicals giant INEOS and is one of Britain’s richest people, has secured a stake of “up to 25%” in United and will invest $300 million in its Old Trafford stadium.
Ratcliffe will provide $200 million upon completion of the deal and a further $100 million by the end of 2024, United said. In total the deal will be worth around $1.6 billion, including the $300 million of funding.
The deal is subject to approval by the Premier League.
