- The Ineos owner took a minority stake in the club after his £1.3bn investment
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Manchester United paid £40m selling 27.7 per cent of the club to Sir Jim Ratcliffe, the club’s third quarter financial results have confirmed.
The figures show that United spent £30.3m in legal fees and other costs related to the deal. Combined with the £9.6m announced in the last quarter, it takes the total to £39.9m.
Club sources say the expenditure was necessary to put the new ownership model in place, and it will pay dividends in the long-term after Ratcliffe took control of football operations at Old Trafford.
The Glazer family agreed to the £1.3billion investment from the Ineos owner at Christmas, with Ratcliffe ploughing an additional £238million into the club to improve the infrastructure. It’s understood that £156m has already been paid, helping to fund a £50m upgrade of the Carrington training complex.
The Glazer family agreed to the £1.3billion investment from the Ineos owner at Christmas
The latest figures predict that at United are on course for record £660m revenues for the full year, although net losses for the quarter of £71.4m emphasised the need to control rising costs following confirmation that up to 250 staff will be made redundant.
Operating expenses rose 15 per cent year-on-year to £203.7m. The figures show that £91.2m were employee costs, reflecting United’s investment in the first-team squad.