"American Billionaire Acquires Nearly One Million Shares of Man Utd"

Leon Cooperman, an American billionaire, has recently purchased nearly one million shares in Manchester United. At the same time, Sir Jim Ratcliffe is arranging to acquire a larger share, though still a minority one.

In November, the Glazer family stated their intention of evaluating ‘strategic alternatives’ for United, the football club that has been under their ownership for the past 18 years under controversial conditions.

The proposed alternatives encompass a wide spectrum of potential investment opportunities, ranging from a complete takeover to minor deals. Ratcliffe and former contender Sheikh Jassim Bin Hamad Al Thani expressed interest in taking over the club.

However, the valuating of United by the Glazer family at possibly up to £10bn caused Sheikh Jassim's top offer of £5bn to fall short. This led to the Qatari banker withdrawing from the acquisition race last month.

Ratcliffe's scheme to buy a 25% stake actually increased the total valuation of the club, while allowing the Glazers to maintain the majority ownership for the time being. He plans to eventually become the majority owner, even if it entails starting on a smaller scale.

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The acquisition of shares by Cooperman, the 80-year-old founder of the New York-based investment firm Omega Advisors, does not influence the wider situation at Old Trafford. As per the Bloomberg Billionaires Index, his net worth is around $2.6bn (£2.1bn),.

The United shares that Cooperman has purchased are worth about $16.8m (£13.5m), which is a relatively small sum compared to the figures that Ratcliffe and the Glazers are discussing.

The technique of the current owners selling pieces of the club is not unprecedented. In 2021, co-chairman Avram Glazer sold over £70m worth of his personal 'Class A Ordinary Shares' at a time when the overall value of the club on the stock market was just below £2.4bn.

Ratcliffe's investment will result in a hands-on approach, especially regarding sports operations. The Oldham-born businessman will be part of a three-person committee at the top of the club, alongside present co-chairman Joel Glazer, and Sir Dave Brailsford, a long-time trusted assistant who made his name in cycling and has been Ratcliffe's director of sport at INEOS since 2021.

The club's chief executive, Richard Arnold, will manage the daily business activities, and a new sports director is expected to be Paul Mitchell, a reputed talent scout and recruiter.

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