Jim Ratcliffe of INEOS fulfills members of journalism ahead of the Premier League match in between Manchester United and Tottenham Hotspur at Old Trafford on January 14, 2024 in Manchester, England.
Ash Donelon|Manchester United|Getty Images
New Manchester United co-owner Jim Ratcliffe stated on Friday that return on financial investment had absolutely nothing to do with his choice to buy the English soccer giant.
Instead, he states success on the field will be his sole focus.
Ratcliffe’s remarks come quickly after the British petrochemicals billionaire and INEOS president lastly finished an offer to purchase a minority stake in Manchester United.
Ratcliffe on Tuesday settled an offer to purchase a 27.7% stake in the club. The Glazer household, which have actually owned Manchester United considering that 2005, maintain a bulk stake under the regards to the arrangement.
However, the offer enables Ratcliffe’s INEOS Group to take control of soccer operations at the club after the minority financial investment was revealed on Christmas Eve.
Asked by CNBC’s Arabile Gumede about the return-on-investment capacity from his broadening sporting portfolio, Ratcliffe responded: “We’re not driven by ROI in sports investments though. That’s not where we’ve come at it from really.”
Ratcliffe stated he and others at INEOS had “got to an age in life where we’ve made some money and we’d like to enjoy it,” including that sport was a shared interest.
“And also, we have moved into consumer markets, you know certainly automotive is a huge consumer market obviously, and the INEOS name wasn’t particularly well known so, through sport, obviously people are getting to know INEOS,” Ratcliffe stated.
A basic view at Old Trafford, home of ManchesterUnited Picture date: Thursday October 19,2023 Â
Martin Rickett – Pa Images|Pa Images|Getty Images
“Certainly the latest one, they are getting to know about INEOS. My investment in Manchester United is nothing to do with ROI, I would just like to see Manchester United back to where it should be,” he continued.
“We only have one focus at Manchester United and that’s to get the performance on the field working as it should.”
‘ A turning point’
The 71- year-old, who was born in Manchester, has actually stated he is long-lasting advocate of the club and explained presuming his brand-new function as co-owner as a “great honor.”
Shares of Manchester United, which is noted on the New York Stock Exchange, have actually fallen almost 25% year-to-date.
Manchester United is acknowledged as one of the world’s most popular and effective sports groups, however the storied club has actually withstood a torrid time in current years.
The club, which holds the record for the most Premier League titles with 13, has actually not won the domestic topflight title considering that the departure of supervisor Alex Ferguson in 2013.
The Manchester United Supporters Trust (MUST) on Wednesday invited news that Ratcliffe had actually effectively finished his preliminary financial investment in Manchester United.
“After the difficulties of the last decade, United fans are realistic about the journey back to the top and we know it won’t happen overnight,” MUST stated in a declaration.
“But Sir Jim has declared his mission to restore United back to the top of English and European football and we dearly hope we can look back on today as a turning point in that journey,” they included.
