The richest man in Britain buys Manchester United

Manchester United announced, on Sunday, 24th of this month, the sale of 25% of the club to billionaire Jim Ratcliffe. The Englishman, owner of the petrochemical company Ineos and the richest man in the United Kingdom, bought the shares for 1.25 billion pounds sterling, or about 7.7 billion Brazilian reals.

With this investment, he will have full control of the Red Devils' football department. According to the statement issued, there will still be an investment of R$1.4 billion for renovations at Old Trafford.

The Glazer family, which has been criticized by a large portion of the public, remains the major shareholder in Manchester United, but is losing ground within football. The team was eliminated from the group stage of the Champions League and is ranked eighth in the English Premier League.

“As a local Manchester boy and a long-standing supporter of the club, I am delighted that we have reached this agreement with the management of Manchester United, who have delegated to us the responsibility of running football at the club. Despite commercial success always ensuring we have the necessary funds,” Sir Jim Ratcliffe said. “To win titles at the highest levels, but this potential has not been achieved recently.”

The deal still must receive approval from the Premier League and other UK regulatory bodies.

With information from CNN Brazil