Manchester United shares climb, with Jim Ratcliffe on brink of clinching minority stake

By James Rogers

British billionaire Sir Jim Ratcliffe's Ineos Group is reportedly on the brink of taking a 25% stake in the club

Manchester United's stock climbed Friday, with British billionaire Sir Jim Ratcliffe's Ineos Group reportedly on the brink of clinching a minority deal in the club.

Shares of operator Manchester United Ltd. (MANU) rose 6.8%. The stock is up 15.7% in 2023, outpacing the S&P 500 index's SPX gain of 17.7%.

Sky News reported that Ratcliffe's Ineos Sport could announce a $33 a share deal to buy 25% of the iconic English soccer club early next week. Ineos Sport plans to acquire 25% of both A-listed and B-listed shares, which carry greater voting rights and are held exclusively by the club's owners, the Florida-based Glazer family, according to Sky News.

Related: Manchester United CEO Richard Arnold steps down, as Jim Ratcliffe closes in on minority stake

The Glazers are keen to finalize a deal before the U.S. Thanksgiving holiday next Thursday , the report said. Sky News reported that the deal could be announced Monday, but the date could slip by a couple of days.

Ineos and Manchester United declined to comment.

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: Hedge-fund billionaire Leon Cooperman takes Manchester United stake

In November 2022, the Glazers confirmed they were exploring options for their investment or an outright sale of, the Premier League club.

Manchester United CEO Richard Arnold is stepping down, the club announced Wednesday, 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.

The club's next game is away at Everton on Nov. 26. Manchester United is sixth in the Premier League so far this season.

-James Rogers

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11-17-23 1415ET

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