Sir Jim Ratcliffe, a minority shareholder in Manchester United, has invested an additional £79m into the club, increasing his ownership stake.
A document filed with the US Securities and Exchange Commission has verified the final payment of $100m (£79m) which increases his share in the Premier League to 28.94%.
The Manchester-born billionaire acquired 27.7% of the club earlier this year for approximately £1.2bn and committed to investing $300m (£237m) as part of the agreement.
Interestingly, the document also notes that ownership of the shares has been transferred from Ratcliffe to his company, Ineos. Initially, it was assumed that Ratcliffe would retain the shares under his name since he used his personal funds for the purchase.
By transferring the shares to Ineos, Manchester United now falls under the broader Ineos umbrella of sports organisations, which includes the French club Nice, cycling team Ineos Grenadiers (formerly Team Sky), and several others.
Despite initially assuring fans and staff of stability upon taking a minority stake, his tenure with the Premier League giant has been eventful as fans initially welcomed Ratcliffe and his positive outlook, recent club decisions have soured fans’ opinion of him.
This shift in perception stems from Ratcliffe’s uncompromising approach, which has included making over 250 Manchester United staff redundant, cancelling the staff Christmas party, increasing ticket prices and recently eliminating bonuses for matchday stewards.
The club’s latest financial statement revealed a net profit of £1.4m, a turnaround from the previous year’s £25.8m loss. Ratcliffe has faced tough decisions to address the significant debt accumulated under the Glazer family’s ownership, all while striving to restore Manchester United’s success on the pitch.
Despite heavy criticism from fans over these cost-cutting measures, the club appears committed to continuing them. Omar Berrada, Manchester United’s CEO, reinforced this stance, stating in the latest financial report: “Our cost and headcount reductions remain on track.”
