Sir Jim Ratcliffe has finally acquired a 25% stake in Manchestser United following a long time negotiation.
The stake is worth around £1.3 billion ($1.6bn) in a deal that will also see the British Billionaire take responsibility for football operations at United.
Ratcliffe will acquire 25% of the club’s Class B shares, previously exclusively held by the Glazer family, and up to 25% Class A shares, which are traded on the New York Stock Exchange.
The 71-year-old Ratcliffe was born in Failsworth, Manchester, and grew up a United fan. He already owns French club Nice and Swiss outfit FC Lausanne-Sport and had a fail bid to buy Chelsea in 2022.
A Manchester United statement said that his responsibilities will include managing all aspects of the men’s and women’s football operations and Academies, alongside two seats on the Manchester United PLC board and the Manchester United Football Club boards.
Sir Jim Ratcliffe,who is also the INEOS chairman is committed to investing another $300 million into the club.
A statement issued on Sunday said his further $300m commitment is “intended to enable future investment into Old Trafford.”
Ratcliffe expressed his delight over the new deal with the club he claimed he has been a lifelong supporter, adding that his era will transform the club back to its glorious days.
“As a local boy and a lifelong supporter of the club, I am very pleased that we have been able to agree a deal with the Manchester United board that delegates us management responsibility of the football operations of the club,”
“Whilst the commercial success of the club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times.
“We will bring the global knowledge, expertise and talent from the wider INEOS Sport group to help drive further improvement at the club, while also providing funds intended to enable future investment into Old Trafford.
“We are here for the long term and recognise that a lot of challenges and hard work lie ahead, which we will approach with rigour, professionalism and passion. We are committed to working with everyone at the club — the board, staff, players and fans — to help drive the club forward.
“Our shared ambition is clear: we all want to see Manchester United back where we belong, at the very top of English, European and world football.”
The executive co-chairmen and directors Avram Glazer and Joel Glazer said in the statement that “We are delighted to have agreed to this deal with Sir Jim Ratcliffe and INEOS,”
“As part of the strategic review we announced in November 2022, we committed to look at a variety of alternatives to help enhance Manchester United, with a focus on delivering success for our men’s, women’s and Academy teams.
“Sir Jim and INEOS bring a wealth of commercial experience as well as significant financial commitment into the Club. And, through INEOS Sport, Manchester United will have access to seasoned high-performance professionals, experienced in creating and leading elite teams from both inside and outside the game. Manchester United has talented people right across the club and our desire is to always improve at every level to help bring our great fans more success in the future.”
The Glazers opted to accept Ratcliffe’s offer to buy a minority stake, despite interest from Ratcliffe and Qatari businessman Sheikh Jassim Bin Hamad Al Thani in a full takeover at Old Trafford
Under the terms of the agreement, the Glazers will remain at the club as majority shareholders.
