Sir Jim Ratcliffe has increased his stake in Manchester United to nearly 29 per cent after completing the cash injection promised when purchasing his minority stake in the Premier League club.
On Christmas Eve last year it was announced that the Ineos chairman had agreed a deal to buy 25 per cent of the club, including investing a further $300 million (£238m) into infrastructure.
That deal was ratified in February and the Securities and Exchange Commission has confirmed that the final $100m (£79.3m) was paid on Wednesday.
Ratcliffe receives additional shares in return for that payment, taking his ownership from 27.70 per cent to 28.94 per cent.
The £79.3m injection is part of the commitment to helping to turn the club around and PA understands it is for infrastructure investment rather than bolstering January transfer funds.
The SEC filing published on Thursday also confirmed that all of Ratcliffe’s shares in United are being transferred to INEOS from Trawlers Ltd, which bought the stake from the Glazer family.
That brings the Premier League club into the same ownership structure as INEOS’ other sports assets, with a United source telling PA it is “financial housekeeping”.
Ratcliffe has made what he calls “difficult and unpopular decisions” since becoming co-owner at a club he felt had become “mediocre”.
Around 250 members of staff have left and Sir Alex Ferguson’s ambassadorial role is ending among ongoing cost-cutting measures, while recently announced ticket price rises have sparked anger.
The mid-season decision to increase prices of remaining home tickets to £66 per match, without concessions for children or pensioners, was met by fan fury and protest.
United said in a statement the price hikes were part of wider measures aimed at putting the club “on a stronger financial footing” at a time when Ratcliffe wants to take them back to the top.
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He recently told the United We Stand fanzine that they “need to sweat every pound” and said “To get Manchester United to where we need to get it — it’s a bit like the country, we have to make some difficult and unpopular decisions.
“If you shy away from the difficult decisions then nothing much is going to change.
“We won’t get everything right and it won’t happen overnight, but we haven’t been sat on our hands for nine months. There has been a lot of change.”
Sourse: breakingnews.ie
