Man United part-owner Sir Jim Ratcliffe has already made £120m move – sources
Sir Jim Ratcliffe has already invested £120million of his own cash to pay off debt at Man United, Football Insider can reveal.
The British billionaire completed his minority takeover of the Red Devils on February 20 which saw him take complete sporting control at Old Trafford.
United published their Q2 results on Tuesday (March 12) which predicted yearly revenue between £635million and £665million.
The documents also confirmed that Ratclife’s takeover was completed with $200million (£156million) of immediate investment into the club with a further $100million (£78million) to be injected in December 2024.
Ratcliffe chips away at Glazer debt with £120m Man United payment
Of that initial £156million investment, £120million has already been used by Ratcliffe and his INEOS group to repay part of the club’s debt.
The repayment was made on February 28 into the group’s revolving facilities, with money split between the Bank of America and Santander.
Despite Ratcliffe’s repayments, United’s debt still sits at £650million as per their Q2 results.
The club have spent £773million on interest charges since the Glazer takeover in 2005.
It was widely reported that Ratcliffe’s $300million investment was to be used on the redevelopment of Old Trafford.
United announced last Friday (8 March) that a task force has been assembled to lead the regeneration of Old Trafford and the surrounding area – which could include a new £2billion stadium project.
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