Sir Jim Ratcliffe has said it will take “time and patience” to “bring sporting success” back to Old Trafford.
By Olisa Obi
It was earlier confirmed that the British billionaire has agreed to buy a 25% stake in the Manchester club for about $1.3bn.
Ratcliffe’s Ineos Group will take control of football operations and Ratcliffe will also provide $300m for future investment into United’s stadium (Old Trafford). He has told supporters that they recognise their responsibility as custodians of the club.
Ratcliffe, while addressing the fans through an open letter, said that he believes that they can bring sporting success to complement the undoubted commercial success that the club has enjoyed. He further added that, before such would happen, it will require time and patience alongside rigour and the highest level of professional management.
He however pointed out there are no guarantees in sport, and change can inevitably take time but they are in it for the long term and they believe that together they would want to take Manchester United back to where the club belongs – at the very top of English, European and world football.
Before the deal will be official, United said the club would be subject to customary regulatory approvals, but they were “hopeful it will be completed as soon as possible.
There is initially going to be a six-to-eight week process for the deal to be ratified, which includes being signed off by the Premier League. United will host Aston Villa later this evening and, while Ratcliffe will not be at the game, Ineos director of sport Sir Dave Brailsford will be in attendance.
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WHO IS RATCLIFFE?
Sir James Arthur Ratcliffe who was born on 18 October 1952 is a British billionaire, chemical engineer, and businessman.
He is the chairman and chief executive officer (CEO) of the INEOS chemicals group, which he founded in 1998. The company is estimated to have had a turnover of $65 billion in 2021.
In May 2018, Ratcliffe was named the richest person in the UK, with a net worth of £21.05 billion. As of May 2023 his net worth was estimated at £29.688 billion, making him the second wealthiest figure in the UK.
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