© Reuters Manchester United (MANU) and Ineos’ Sir Jim Ratcliffe expected to announce stake sale next week – Sky
Premier League giant Manchester United plc (NYSE:) and petrochemicals billionaire Sir Jim Ratcliffe are expected to announce the deal next week that will see the Ineos CEO take a 25% stake in the club, according to Sky News on Monday.
The media company said the two sides have marked early next week as the date to confirm the long-awaited $1.25 billion deal. It will see Ratcliffe take two boardroom seats at the club.
However, Sir Jim and Sir Dave Brailsford, who leads Ineos’s sporting operations, are not expected to join the board.
According to Sky, the deal will be structured as a tender offer to acquire 25% of the listed A-shares, priced at $33 per share. In addition, the article states the Glazers will sell 25% of their B-shares to Sir Jim as part of the deal.
Furthermore, Ratcliffe is expected to invest $300 million from his fortune in United’s infrastructure, with the majority of funds being transferred to the club in the short term. Ratcliffe will not add to Manchester United’s existing borrowings.
Read the full article here