Sir Jim increases Man United stake with further capital injection to get the club as part of wider sporting group.
Sir Jim increases his stake in Manchester United after injecting a further £79.3m ($100m) promised when he bought his minority stake last year.
The club’s ownership by the British millionaire has increased from 27.7% to 28.94%. Instead than strengthening Ruben Amorim’s team during the January transfer window, the most recent investment is expected to support off-field changes. This is the last installment of the £238 million ($300 million) in infrastructure that Ratcliffe promised to invest when he purchased United a year ago. The US Securities and Exchange Commission confirmed that the payment was made on Wednesday.
Ratcliffe transferred his United shares to Ineos from Trawlers Ltd., which purchased the original holding from the Glazer family, according to SEC records. This implies that United is now a member of the larger sports organisation owned by Ineos, which also includes a sailing and cycling squad.
In an effort to bring United back to its former glory as one of the most prosperous teams in the world, Ratcliffe has made a number of crucial choices. Omar Berrada, the chief executive, Jason Wilcox, the technical director, and Dan Ashworth, who served as sporting director for five months, made up the new hierarchy. In November, Amorim took Erik ten Hag’s place after he was fired.
As part of cost-cutting efforts, Sir Alex Ferguson’s ambassadorial position will terminate at the end of the season, and Ratcliffe’s primary mandate has been to reduce spending, which has resulted in the departure of 250 staff. The minority owner has also come under fire for raising ticket prices in the middle of the season and eliminating senior and kid discounts for the remaining games.