British billionaire Sir Jim Ratcliffe is set to clinch his 25% stake in Manchester United next week, according to reports.
Citing a source familiar with the sale process, ESPN reported Thursday that Ratcliffe’s $1.57 billion investment will be confirmed next week. Ratcliffe’s stake in the iconic English soccer club could be finalized as early as Monday, according to ESPN.
The billionaire is the chief executive of the chemical giant Ineos. Sky Sports also reported that the transaction is penciled in for early next week, and will involve Ratcliffe’s Ineos Sports taking two boardroom seats at Manchester United.
Related: Manchester United shares climb, with Jim Ratcliffe on brink of clinching minority stake
Manchester United and Ineos have not yet responded to a request for comment.
Shares of operator Manchester United Ltd.
MANU,
are up 0.1% in premarket trades Thursday after ending Wednesday’s session down 0.3%. The stock is down 15.9% in 2023, compared with the S&P 500 index’s
SPX
gain of 18.5%.
Ratcliffe had been locked in a takeover battle with Qatar’s Sheikh Jassim to wrest control of Manchester United from the Glazer family, which has owned the club since 2005. In September, Bloomberg reported that Ratcliffe was restructuring his bid in an attempt to break the deadlock in the takeover battle.
Related: Manchester United CEO Richard Arnold steps down, as Jim Ratcliffe closes in on minority stake
In November 2022, the Glazers confirmed they were exploring options for their investment or an outright sale of, the Premier League club.
Last month Manchester United announced that CEO Richard Arnold is stepping down, with General Counsel Patrick Stewart stepping in as interim CEO. A search process will be carried out for a new permanent CEO, Manchester United said.
On Wednesday Manchester United defeated Chelsea 2-1, a win that moved the club up to sixth place in the Premier League. The club’s next game is on Saturday, when Bournemouth visit Manchester United’s Old Trafford stadium.
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