SUMMARY
- Reports have emerged stating that Sir Jim Ratcliffe has agreed to acquire a 25% stake in Manchester United.
- Ratcliffe is using his company Trawlers Ltd, registered in the Isle of Man, for this deal.
Sir Jim Ratcliffe has finally agreed with the Glazers’ family to acquire a 25% stake at Manchester United. As the corporate formalities are being completed, reports have emerged to reveal an interesting nod to a Manchester United legend.
As per The Athletic, Ratcliffe is using a company named Trawlers Ltd for this deal’s formalities. Trawlers Ltd. is owned by Ratcliffe and is registered in the Isle of Man. This Company is being used to buy shares in United to acquire a stake in the English club. The company’s name is inspired by a quote from Eric Cantona.
Eric Cantona famously spoke about trawlers and seagulls in a press conference in 1995. The public appearance was shortly after the appeal for the infamous kung fu kick on a Crystal Palace fan. Cantona stated back then: “When the seagulls follow the trawler, it’s because they think sardines will be thrown into the sea.”
Jim Ratcliffe’s company being used for the acquisition is called Trawlers Ltd. The name was inspired by a quote from Eric Cantona.
— Andy Mitten (@AndyMitten) December 24, 2023
Ratcliffe is a boyhood fan of Manchester United, which was one of the biggest motivators for him to go for this deal. Furthermore, Eric Cantona is one of his favorite players of all time. Manchester United fans are excited to see someone passionate about the club take charge of the club.
Sir Jim Ratcliffe is buying Manchester United without debt
The British billionaire has spent over $1.27 billion to acquire the 25% stake in the club. As part of the deal, he will invest $300 million more into the club, which will be used to improve the infrastructure of Old Trafford. Ratcliffe and his team will also take over the daily operations at the club to steer the ship from mediocrity back to its previous heights.
There were reports earlier that this deal was taking time to ensure that Ratcliffe did not use debt to buy his stake at the club. Present reports have revealed that the British billionaire has funded this deal without debt, and the only thing left as part of the proceeding is the approval of the Premier League.
The $300 million that will be used for Old Trafford has been divided into two installments. $200 million will be received by the English club after this transaction, while the remaining $100 million will be received by the end of 2024.
Manchester United reaches agreement for Sir Jim Ratcliffe, Chairman of INEOS, to acquire up to a 25% shareholding in the Company.#MUFC
— Manchester United (@ManUtd) December 24, 2023
Ratcliffe has also expressed his thoughts on the completion of the deal: “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.”
The British businessman added that the commercial success of the English club has ensured that the squad is funded to win the major competitions however, the potential has not been fully unlocked in recent times. Many reports reveal that Ratcliffe will make big changes in the club in 2024 including changes in the backroom staff. This new year might finally change the fortunes of Manchester United.