Sir Jim Ratcliffe, the billionaire founder of Ineos Group and a lifelong Manchester United fan, has pledged an additional £245 million investment to improve the club's physical infrastructure, according to Sky Sports.
Ratcliffe, who is Britain's richest person and the world's 105th richest person, has already agreed to buy a 25% stake in Manchester United for £1.3 billion, which values the club at £5.2 billion. His offer was accepted by the Glazer family, who currently own the club, but they are unwilling to give up control in the future.
Ratcliffe's offer is part of a staged buyout from the Glazers, as he expects to have a path to full ownership of the club in the years ahead. He will also take control of the sporting department, which is headed by the football director John Murtough and the manager Erik ten Hag.
Sky Sports adds that the extra £245 million is for improving the physical infrastructure and not for any other purpose. That means fixing Old Trafford, which is a crumbling embarrassment that requires a state-of-the-art overhaul, and improving facilities at Carrington, the club's training ground.
Ratcliffe, who was born in Failsworth, near Manchester, has been a Manchester United supporter since childhood and has attended several matches at Old Trafford. He has also invested in other sports, such as cycling, sailing, and football. He owns Nice, a French club that currently sits second in Ligue 1, and has appointed Sir Dave Brailsford, the director of sport for Ineos, as the club's president.
Ratcliffe hopes that his investment will help Manchester United regain their glory and compete with the likes of Manchester City, Liverpool, and Chelsea, who have been backed by wealthy owners from the Middle East and Russia. He has also expressed his admiration for Sir Alex Ferguson, the legendary former manager of Manchester United, who won 38 trophies in 26 years at the club.
Manchester United fans have been unhappy with the Glazers, who have been accused of neglecting the club, saddling it with