Sir Jim Ratcliffe has completed the purchase of his 25 percent stake in Manchester United after the deal was officially approved.
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- INEOS completes 25% stake in Man Utd
- Deal receives approval from regulatory bodies
- Had already been ratified by FA, Premier League
- Getty Images
WHAT HAPPENED?
Ratcliffe had already agreed a deal to purchase the 25% stake from the Glazer family for around £1.3 billion ($1.6bn) in exchange for taking control of the club's football operations. The deal was agreed on December 24 although the transaction was subject to approval from regulatory bodies. The FA and the Premier League ratified the deal last week and all that was left was for Ratcliffe to finalise his purchase of Class A shares.
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WHAT RATCLIFFE SAID
Sir Jim Ratcliffe said: “To become co-owner of Manchester United is a great honour and comes with great responsibility. This marks the completion of the transaction, but just the beginning of our journey to take Manchester United back to the top of English, European and world football, with world-class facilities for our fans. Work to achieve those objectives will accelerate from today.”
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WHAT JOEL GLAZER SAID
Joel Glazer, Executive Co-Chairman, said: “I would like to welcome Sir Jim as co-owner and look forward to working closely with him and INEOS Sport to deliver a bright future for Manchester United.”
- Getty
THE BIGGER PICTURE
Ratcliffe saw off competition from Qatari billionaire Sheikh Jassim Bin Hamad Al-Thani, who withdrew from the race to buy United last October. The banker was only interested in purchasing the whole club, although doubts emerged when he was unable to provide proof of funds.
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