MANCHESTER, England (AP) - British billionaire Jim Ratcliffe has completed his purchase of a 25% stake in Manchester United, the club said Tuesday.
The deal had already been approved by the English Football Association while the Premier League has cleared Ratcliffe to take up a minority share under its rules regarding who is allowed to be an owner or director of a soccer club.
The 71-year-old Ratcliffe paid $1.3 billion for "up to 25%" of the club and will invest a further $300 million for "future investment into Old Trafford," United has said.
Ratcliffe is one of Britain's richest people and the owner of petrochemicals giant INEOS. He agreed to a deal to buy a stake in United in December after the Glazer family, which owns the club, put it up for sale in 2022.
"To become co-owner of Manchester United is a great honor and comes with great responsibility," Ratcliffe said in a statement. "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."
The Glazers, who also own the Tampa Bay Buccaneers, eventually opted to sell a minority stake of the 20-time English champion after also fielding bids from Qatari banker Sheikh Jassim bin Hamad Al Thani.
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AP soccer: https://apnews.com/hub/soccer
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