(Reuters) – Ineos Chair Jim Ratcliffe will pledge to invest 245 million pounds ($302.1 million) in Manchester United’s infrastructure, in addition to his about $1.5 billion offer to buy a 25% stake in the soccer club, Sky News reported on Friday.
The investment, intended for upgrading the club’s ageing infrastructure, would be financed by the billionaire personally and not add to Premier league club’s existing borrowings, the report said, citing sources.
Shares in Manchester United rose 4% to $18.85 on the news.
Manchester United declined to respond to a Reuters request for comment.
Reuters in October reported that Ratcliffe would pay over $1.5 billion for a 25% stake in Manchester United were his bid for the iconic soccer club to be accepted by the Glazer family that controls it, citing a person familiar with the matter.
Qatar’s Sheikh Jassim bin Hamad al Thani, the other potential bidder, told the Glazers last month he would not raise the bid beyond the $6 billion he has offered, according to sources.
The American Glazer family in November last year said it was looking at options for the 20-times English soccer champions including a new investment or a potential sale.
($1 = 0.8110 pounds)
(Reporting by Prerna Bedi in Bengaluru; Editing by Shinjini Ganguli)
