MANCHESTER, England (AP) — More than a year after it was put up for sale, Manchester United said Sunday that British billionaire Jim Ratcliffe had agreed to buy a minority stake in the storied Premier League club.
Ratcliffe, who owns petrochemicals giant INEOS and is one of Britain’s richest people, has secured a stake of “up to 25%” in the 20-time league champions and will invest $300 million in its Old Trafford stadium.
As part of the deal, United said Ratcliffe would take responsibility for the club’s soccer operations.
Ratcliffe will provide $200 million upon completion of the deal and a further $100 million by the end of 2024, United said. In total the deal will be worth around $1.6 billion, including the $300 million of funding.
The deal is subject to approval by the Premier League.
Ratcliffe, who was born in Failsworth, Greater Manchester, had originally bid to buy the entire majority share of around 69% held by the Glazers, the club’s American owners.
“As a local boy and a lifelong supporter of the club, I am very pleased that we have been able to agree a deal with the Manchester United Board that delegates us management responsibility of the football operations of the club,” Ratcliffe said.
“Whilst the commercial success of the club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times. We will bring the global knowledge, expertise and talent from the wider INEOS Sport group to help drive further improvement at the club, while also providing funds intended to enable future investment into Old Trafford.”
The transaction will be funded by Trawlers Limited — a company wholly owned by Ratcliffe — without any debt, United said. United fans have been critical of the leveraged nature of the Glazers’ buyout that loaded debt onto the club, as well as a perceived lack of investment and the dividends taken out by the owners.
Avram Glazer and Joel Glazer, United executive co-chairmen and directors, said in the statement: “Sir Jim and INEOS bring a wealth of commercial experience as well as significant financial commitment into the club. And, through INEOS Sport, Manchester United will have access to seasoned high-performance professionals, experienced in creating and leading elite teams from both inside and outside the game.
“Manchester United has talented people right across the club and our desire is to always improve at every level to help bring our great fans more success in the future.”
The Glazers announced last November plans to seek new investment and instructed US merchant bank Raine to oversee the process, which included the potential of a full sale.
Ratcliffe had been in competition with Qatari banker Sheikh Jassim bin Hamad Al Thani to buy out the Glazers, who also own the NFL’s Tampa Bay Buccaneers. But after months of protracted negotiations Sheikh Jassim withdrew his bid in October to leave Ratcliffe in position to take a minority share in the club.
Sheikh Jassim always maintained he was interested in a complete takeover.
United said Ratcliffe had paid $33 per share.
DECADE OF DECLINE
Ratcliffe is buying into a club that has endured a decade of decline on the field since the retirement of former manager Alex Ferguson in 2013. It has not won the title since.
Ongoing uncertainty over the ownership led to fan protests outside the club’s Old Trafford stadium, while chants of “Glazers out” have been regularly heard during games.
While Ratcliffe was long seen by fans as a popular potential owner, his minority investment means the Glazers remain in place, despite years of fan campaigns to drive them out.
The late tycoon Malcolm Glazer bought United in 2005 for 790 million pounds (then about $1.4 billion) amid a backlash from supporters.
“The joint ambition is to create a world-class football operation building on the club’s many existing strengths, including the successful off-pitch performance that it continues to enjoy,” United said Sunday.
Initially, Ratcliffe’s INEOS had said it was aiming for “a modern, progressive, fan-centered approach to ownership.”
It also said it was focused on United winning the Champions League for the first time since 2008 and making it the “number one club in the world once again.”
Ratcliffe is said to be worth $15.1 billion and tried to buy Premier League club Chelsea last year.
He already owns French club Nice, cycling franchise Team INEOS, is one-third shareholder of the Mercedes-AMG Petronas Formula One team and competes in the America’s Cup with sailing team INEOS Britannia.
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James Robson is at https://twitter.com/jamesalanrobson
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AP soccer: https://apnews.com/hub/soccer and https://twitter.com/AP_Sports
TORONTO – Reigning PWHL MVP and scoring champ Natalie Spooner will miss the start of the regular season for the Toronto Sceptres, general manager Gina Kingsbury announced Tuesday on the first day of training camp.
The 33-year-old Spooner had knee surgery on her left anterior cruciate ligament (ACL) after she was checked into the boards by Minnesota’s Grace Zumwinkle in Game 3 of their best-of-five semifinal series on May 13.
She had a goal and an assist in three playoff games but did not finish the series. Toronto was up 2-1 in the semifinal at that time and eventually fell 3-2 in the series.
Spooner led the PWHL with 27 points in 24 games. Her 20 goals, including five game-winners, were nine more than the closest skater.
Kingsbury said there is no timeline, as the team wants the Toronto native at 100 per cent, but added that “she is doing really well” in her recovery.
The Sceptres open the PWHL season on Nov. 30 when they host the Boston Fleet.
This report by The Canadian Press was first published Nov. 12, 2024.
LAHORE, Pakistan (AP) — A top official of the Pakistan Cricket Board declined Friday to confirm media reports that India has decided against playing any games in host Pakistan during next year’s Champions Trophy.
“My view is if there’s any problems, they (India) should tell us in writing,” PCB chairman Mohsin Naqvi told reporters in Lahore. “I’ll share that with the media as well as with the government as soon as I get such a letter.”
Indian media reported Friday that the Board of Control for Cricket in India (BCCI) has communicated its concerns to all the Champions Trophy stakeholders, including the PCB, over the Feb. 19-March 9 tournament and would not play in arch-rival Pakistan.
The Times of India said that “Dubai is a strong candidate to host the fixtures involving the Men in Blue” for the 50-over tournament.
Such a solution would see Pakistan having to travel to a neutral venue to play India in a group match, with another potential meeting later in the tournament if both teams advanced from their group. The final is scheduled for March 9 in Pakistan with the specific venue not yet decided.
“Our stance is clear,” Naqvi said. “They need to give us in writing any objections they may have. Until now, no discussion of the hybrid model has happened, nor are we prepared to accept one.”
Political tensions have stopped bilateral cricket between the two nations since 2008 and they have competed in only multi-nation tournaments, including ICC World Cups.
“Cricket should be free of politics,” Naqvi said. “Any sport should not be entangled with politics. Our preparations for the Champions Trophy will continue unabated, and this will be a successful event.”
The PCB has already spent millions of dollars on the upgrade of stadiums in Karachi, Lahore and Rawalpindi which are due to host 15 Champions Trophy games. Naqvi hoped all the three stadiums will be ready over the next two months.
“Almost every country wants the Champions Trophy to be played here (in Pakistan),” Naqvi said. “I don’t think anyone should make this a political matter, and I don’t expect they will. I expect the tournament will be held at the home of the official hosts.”
Eight countries – Pakistan, India, Bangladesh, England, Australia, South Africa, New Zealand and Afghanistan – are due to compete in the tournament, the schedule of which is yet to be announced by the International Cricket Council.
“Normally the ICC announces the schedule of any major tournament 100 days before the event, and I hope they will announce it very soon,” Naqvi said.
RIYADH, Saudi Arabia – Ottawa‘s Gabriela Dabrowski and Erin Routliffe of New Zealand are through to the doubles final at the WTA Finals after a 7-6 (7), 6-1 victory over Nicole Melichar-Martinez of the United States and Australia’s Ellen Perez in semifinal action Friday.
Dabrowski and Routliffe won a hard-fought first set against serve when Routliffe’s quick reaction at the net to defend a Perez shot gave the duo set point, causing Perez to throw down her racket in frustration.
The second seeds then cruised through the second set, winning match point on serve when Melichar-Martinez couldn’t handle Routliffe’s shot.
The showdown was a rematch of last year’s semifinal, which Melichar-Martinez and Perez won in a super tiebreak.
Dabrowski and Routliffe will face the winner of a match between Katerina Siniakova and Taylor Townsend, and Hao-Ching Chan and Veronika Kudermetova in the final on Saturday.
Dabrowski is aiming to become the first Canadian to win a WTA Finals title.
This report by The Canadian Press was first published Nov. 8, 2024.
