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Restoring Old Trafford to its former glory

On top of his $1.3bn acquisition of Manchester United shares, Ratcliffe will also commit $300million to be used for the redevelopment of Old Trafford.

The filing confirms that this $300million investment will come in two instalments — $200million once Ratcliffe’s minority investment is finalised, then a further $100million before December 31 next year.

And, interestingly, the $300m is not strictly ring-fenced for Old Trafford alone. Although the filing explicitly states that is the money’s intended use, it may still be put towards the club’s “ordinary course of business” if required.

In April 2022, United appointed Populous and Legends International as master planners and consultants for the future of Old Trafford.

Plans involving either the renovation of the existing ground or the construction of a new stadium on an adjacent site were subsequently drawn up, with the cost of the latter estimated between £1.2bn and £1.6bn.

Sources close to Ratcliffe have described the $300m as an initial investment, admitting that more funding will be required to restore Old Trafford to its former status as arguably English football’s leading stadium.

That is to say nothing of other infrastructure projects that Ratcliffe may deem necessary, such as improvements to United’s Carrington training ground.

More importantly, this additional $300m will take the form of equity — i.e. more shares in the club — and raise Ratcliffe’s minority stake to 29 per cent, reducing the Glazer family’s holdings to 49 per cent.

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