The sale of a significant minority stake in Manchester United to British billionaire Jim Ratcliffe still isn’t complete, but momentum is building toward the end of the saga.
Multiple outlets are now reporting that Ratcliffe’s acquisition of 25% of the Premier League club will be publicly confirmed next week. Sky News and ESPN suggest the long-awaited deal will be announced as soon as Monday.
Ratcliffe would be buying Manchester United stock at $33 per share, which amounts to $1.57 billion. While the oft-criticized members of the Glazer family will retain majority control of Manchester United, they will be significantly reducing their investment as Ratcliffe comes on board.
Once the sale process is completed, Ratcliffe could make an immediate impact both on and off the pitch.
He’ll reportedly take over football operations as part of the deal, a development that could quickly lift the spirits of some disgruntled fans.
He is also said to be committing an additional $300 million toward improving club infrastructure, particularly around the iconic but aging Old Trafford stadium. Manchester United CEO Richard Arnold, who had been with the club for 16 years, has already stepped down in a move widely believed to be related to Ratcliffe’s pending investment.