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Sir Jim Ratcliffe is trying to close a deal to buy 25% of Manchester United shares, but appears to have been beaten by former hedge fund manager Leon Cooperman.
US billionaire investor Leon Cooperman has taken a stake in Manchester United as Sir Jim Ratcliffe closes in on a deal.
Cooperman, 80, bought 1 million shares in the Red Devils worth around $16.8 million (£13.4 million), according to a recent filing. He is believed to be the founder of New York-based Omega Advisors, and has a net worth of $2.6bn (£2.08bn).
The news comes amid hints that INEOS owner, Ratcliffe, was close to reaching a deal to invest in the club. He was one of the parties interested in completing the full takeover from the much-maligned Glazer family along with Qatari Sheikh Jassim bin Hamad Al Thani.
The latter withdrew from the race, leaving Ratcliffe free to complete the deal. Negotiations are ongoing for him to buy 25% of the Old Trafford club and an announcement is expected soon.
Once the deal is completed, the 71-year-old is expected to take full control of Old Trafford’s football operations. He will also likely now be working alongside Cooperman following his own deal.
After graduating from Columbia University, he was quickly acquired by Goldman Sachs and worked his way up to become Chairman and CEO of Goldman Sachs Asset Management. After 25 years with the company, he retired and founded a private investment partnership called Omega Advisors. Cooperman retired in 2016.
The latter withdrew from the race, leaving Ratcliffe free to complete the deal. Negotiations are ongoing for him to buy 25% of the Old Trafford club and an announcement is expected soon.
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He also regularly donates to St. Barnabas Medical Center. Since 2014, the Leon and Toby Cooperman Family Foundation has pledged approximately $125 million. Cooperman also serves on the board of directors of the Damon Runyon Cancer Research Foundation.
While news of his deal for a stake in Manchester United will be welcomed by fans, Gary Neville is unlikely to be satisfied. The former England defender shared a huge list of concerns last month amid suggestions Ratcliffe was ready to invest.
He wrote on Twitter: “My preference is now and always will be a complete exit for the Glazers. They have overstayed their welcome in Manchester but seem oblivious to this fact.”
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He added: “The news of the Qatari withdrawal last night left Manchester United on the brink of a minority investment. Can this really work and what impact will it have on a struggling organisation? It is useful to outline the non-negotiables on the Manchester United takeover that I made more than a year ago.”
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