On Man united takeover: new owners makes decision on Man Utd leaving Old Trafford for new £1.5bn stadium this year
Prospective Manchester United co-owner Sir Jim Ratcliffe has ruled out building a new stadium and will instead focus on redeveloping Old Trafford.
The Ineos chief, 71, had been vying with Sheikh Jassim bin Hamad Al Thani for the best part of 12 months in a bid to purchase United from the Glazer family. However, he is now set to join the Americans by purchasing a minority 25 percent stake in the club.
It’s expected that the British billionaire’s deal, worth an estimated £1.3billion, will be ratified this week, meaning he will assume control of sporting operations at the club. Once that is confirmed, Ratcliffe will inject £245m of his own money to improve United’s ailing infrastructure, including their home stadium.
There has been speculation in recent years that United could consider building a new stadium given Old Trafford’s dilapidated state; a move which could cost north of £1.5bn. A new report from The Mail, though, has outlined that Ratcliffe has told sources close to him that he has no desire to abandon the the club’s famous home.
Instead, it’s understood that Ratcliffe will initially focus on ensuring the Theatre of Dreams undergoes a much-needed facelift before looking into potential avenues to extend the stadium’s capacity in the future.
Ratcliffe, a boyhood Manchester United fan, spoke briefly about Old Trafford earlier this year, where he confirmed he would not consider renaming the club’s home should he come into power. “I hadn’t thought of that, but no,” he replied when asked about stadium naming rights. “That would be heresy. I would not change it. It’s always Old Trafford.”
Through his company, Ineos, the petrochemicals chief already has a vast sporting portfolio which includes Ligue 1 outfit OGC Nice. Ratcliffe has been keen to acquire a Premier League team – a crown jewel of sorts – for some time and even lodged a bid for Chelsea last year.
