Jim Ratcliffe has already agreed to pay $1.5 billion to acquire a 25% stake in Manchester United — but the British billionaire isn’t stopping there.
The founder of multibillion-dollar chemical corporation INEOS is reportedly planning to spend a further $300 million of his personal funds to improve infrastructure for the Premier League club. The additional funds would be used for club facilities like Old Trafford and be in Manchester United’s hands by the end of the year, according to Sky News. The stadium has been in dire need of renovations as it ages and fan safety concerns mount.
The move would bring Ratcliffe’s total spend on Manchester United close to $2 billion. The team recently reported annual revenue of nearly $800 million — a record among Premier League clubs.
As part of the deal — which appears all but official — Ratcliffe may take over soccer operations from the Glazer family, who will remain the majority owners of Manchester United. Manchester United is in eighth place in the Premier League after defeating Fulham, 1-0 on Saturday.
Ratcliffe became the frontrunner to buy a portion of the club after he became willing to accept a minority stake, as opposed to buying total control of Manchester United. There has still been no official statement from the club or the Glazers about bringing Ratcliffe on as an investor.
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