Manchester United will receive an additional US$300 million (£245 million) to upgrade its infrastructure from prospective investor Jim Ratcliife, according to reports today.
The Ineos owner and billionaire is set to acquire a 25% stake in the Premier League club with details set to be revealed ‘shortly’ according to Sky News, but the infrastructure investment will be in addition to this, said the report.
According to Sky, Ratcliffe will pay around £1.25bn for his 25% stake, taking his total investment to around £1.5bn.
Sources close to the club said the £245m investment would be staggered and come from Ratcliffe personally without adding to the club’s existing debt.
After a year of negotiations and toing and froing with several potential buyers, most notably Qatari businessman Sheikh Jassim bin Hamad al-Thani, Sky said it was told the deal with Ratcliffe should be concluded within a fortnight.
But as with all other aspects of this protracted sale so far that timetable might change, Sky added.
Manchester United’s aged Old Trafford stadium has been a source of constant criticism from fans, with their ire aimed at the club’s owners, the Glazer family, for a total lack of investment.
A slide in the team’s performance has also led to calls for the deal with Ratcliffe to be concluded quickly enough for new players to be added in the January transfer window.
Rivals Liverpool, Arsenal, Manchester City and Tottenham Hotspur have all spent heavily on new stadiums or upgrades in recent years.
Just how Ratcliffe will acquire his stake is also unclear. Shares in Manchester United are listed in the US with a two-tier A and B share structure with the Glazer family owning the majority of the voting rights through the B shares.
No details on pricing have been released thus far.
The Glazers listed a minority stake in the company in New York in 2012, having bought the club in 2005 for US$790m.
Ratcliffe, a ManU fan, also owns the French Ligue 1 side Nice.
Shares in the club were up 3% at US$18.42c in early dealings today.