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Jim Ratcliffe buys 25% stake in Manchester United

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4 months ago

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Manchester United, English Premier League (EPL) club, have announced that Jim Ratcliffe, British billionaire, has bought 25% of stake in Manchester United plc, the club’s parent company.

The club released a statement of the acquisition on Sunday.

According to the statement, Ratcliffe, the chairman of INEOS, acquired 25% of both class A and class B shares from the Glazer family, the majority shareholders and current owners of the club.

Manchester United hierarchy had announced intention to seek “strategic alternatives” on acquisition in November 2022, a path that has now concluded with Ratcliffe outbidding other suitors, including a billion-dollar bid from Saudi Arabia.

The fresh statement added that the acquisition includes the injection of $300 million into the club, while INEOS, the purchasing party, will be delegated to take over running the club’s football operations.

“Manchester United plc (NYSE: MANU) announced today that it has entered into an agreement under which Chairman of INEOS, Sir Jim Ratcliffe, will acquire 25 per cent of Manchester United’s Class B shares and up to 25 per cent of Manchester United’s Class A shares and provide an additional $300 million intended to enable future investment into Old Trafford,” it reads.

“As part of the transaction, INEOS has accepted a request by the Board to be delegated responsibility for the management of the Club’s football operations. This will include all aspects of the men’s and women’s football operations and Academies, alongside two seats on the Manchester United PLC board and the Manchester United Football Club boards.

Speaking on the acquisition, Avram and Joel Glazer, executive co-chairman and directors of Manchester United, said Ratcliffe is “capable” of delivering future success for the club.

“We are delighted to have agreed this deal with Sir Jim Ratcliffe and INEOS. As part of the strategic review we announced in November 2022, we committed to look at a variety of alternatives to help enhance Manchester United, with a focus on delivering success for our men’s, women’s and Academy teams,” they said.

“Sir Jim and INEOS bring a wealth of commercial experience as well as significant financial commitment into the Club. And, through INEOS Sport, Manchester United will have access to seasoned high-performance professionals, experienced in creating and leading elite teams from both inside and outside the game. Manchester United has talented people right across the Club and our desire is to always improve at every level to help bring our great fans more success in the future.”

On his part, Ratcliffe said his INEOS team is focused on taking up the challenge of helping the club unlock its full potentials.

“As a local boy and a lifelong supporter of the Club, I am very pleased that we have been able to agree a deal with the Manchester United Board that delegates us management responsibility of the football operations of the Club,” he said.

“Whilst the commercial success of the Club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times. We will bring the global knowledge, expertise and talent from the wider INEOS Sport group to help drive further improvement at the Club, while also providing funds intended to enable future investment into Old Trafford.

“We are here for the long term and recognise that a lot of challenges and hard work lie ahead, which we will approach with rigour, professionalism and passion. We are committed to working with everyone at the Club – the Board, staff, players and fans – to help drive the Club forward.

“Our shared ambition is clear: we all want to see Manchester United back where we belong, at the very top of English, European and world football.”

Manchester United, 20-time EPL winners, have not won the league title in 10 years.

They last claimed it in the 2012/13 season.

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Adeyemi defeats Adekanla to clinch West Africa boxing title

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9 hours ago

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May 2, 2024 12:25 pm

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Segun Adeyemi has been crowned the West African Boxing Union (WABU) light welterweight champion.

Adeyemi, popularly known as War, defeated compatriot Adeyemi Adekanla via majority decision to claim the regional belt on Wednesday at GOtv Boxing Night 31 held at the Indoor Sports Hall of the Teslim Balogun Stadium, Lagos.

The victory was Adeyemi’s 11th win in 12 professional fights with just one draw. His opponent was also undefeated before the bout, with 12 wins in 13 professional fights.

In other bouts, the 16-year-old Raheem “Badoo” Animashaun secured a fourth-round technical knockout win over Samuel Moses in their national light welterweight challenge fight.

Badoo’s performance in the fight earned him the Mojisola Ogunsanya Memorial Trophy for the best boxer of the night with N1 million cash prize.

The teenager is the son of Jamiu “Rotor” Animashaun, a former professional boxer who fought in the first two editions of GOtv Boxing Night.

Also, on the night, Adewale “Playboy” Oladeji sealed a unanimous decision win over Afikun “Ijebu” Gbenga in their super welterweight encounter.

Emmanuel “Ability” Abimbola secured a split decision win over Azeez “Latest” Ayobami in a national lightweight challenge fight, while Sikiru “Omo Iya Eleja” Shogbesan defeated Batholomew “Aboy” Abuchi via technical knockout in their national super featherweight challenge duel.

However, the national flyweight challenge bout between Sikiru “Isho” Ogunyaju and the current national flyweight champion, Sifon “Best” Iwatt, ended in a tie.

Also, the national light welterweight challenge fight between Hammed “Eshe” Ganiyu and Yusuf “Hungry Lion” was declared a no-contest after the latter sustained an injury in the second round from a headbutt by his opponent.

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19 years later, NFF still owes me salary as Eagles coach, says Christian Chukwu

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2 days ago

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May 1, 2024 9:29 am

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Christian Chukwu, former Super Eagles captain, says the Nigeria Football Federation (NFF) still owes him salary from his time as the country’s male senior national team head coach.

Chukwu, nicknamed “The Chairman”, was head coach of the Eagles between 2002 and 2005.

He led the team to a bronze medal at the 2004 Africa Cup of Nations (AFCON) in Tunisia.

The manager was relieved of the job in June 2005 during the qualification campaign for the World Cup in Germany.

In a chat with The Athletic Nigeria on Monday, Chukwu said 19 years after his stint with the Eagles, NFF is yet to pay him some of his salary from the period.

The Chairman added that he is not the only indigenous coach owed by the federation, adding that some of the victims are dead now.

“They owe Nigerian coaches. They don’t owe foreign coaches. It is a problem. You take on an indigenous coach who takes a cheap salary, and you owe him,” Chukwu said.

“Is it proper? Are you encouraging him to do his job? I am still being owed up to today. They are still owing me till tomorrow. My files are there with the NFF. There is nothing I can do [to get them to pay me]. The file is there. Go to their office, and you will see how much they owe me. Not only me, other indeginuos coaches are being owed too. Some are late.”

In 2019, Chukwu suffered prostate cancer, which affected his leg. The family had to open a GoFundMe appeal to solicit funds for the Nigeria football legend’s medical treatment.

Femi Otedola, the billionaire businessman, eventually paid $50,000 for Chukwu’s treatment overseas.

Chukwu captained Nigeria to its first AFCON success in 1980. He also led the Enugu Rangers FC team that won the Africa Cup Winners Cup in 1977.

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Nnadozie wins best goalkeeper of the season award in France

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2 days ago

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April 30, 2024 10:43 am

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Chiamaka Nnadozie, Super Falcons of Nigeria’s first-choice goalkeeper, has been voted the season’s best goalkeeper in the French Division 1 Feminine League.

The 23-year-old was announced the award winner on Monday night. She received the individual accolade following a stellar season in which she garnered a reputation as a penalty expert, saving seven spot-kicks in the league and Champions League, the highest in Europe this season.

Her penalty-saving heroics saw her lead Paris FC to shoot-out wins over giants Arsenal and Wolfsburg in the Women’s Champions League. She also guided the Paris-based club to the semi-final stage of the competition where they were knocked out by rivals Lyon.

Speaking at the event, the 2023 CAF Women’s Goalkeeper of the Year winner said she is “very happy” to have won the award.

On his part, Pierre Ferracci, president of the club, praised the Nigerian goalkeeper.

“It’s very pleasing, because she deserves it and she achieved an exceptional Champions League and not only on penalties. She is adorable. It is deserved. We know that she will be courted this summer but we will try to keep her,” Ferracci added.

Paris FC are third in the League with 42 points, eight points behind Paris, their local rivals, and a further 11 points away from Lyon, the league leaders.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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