Man United confirms reaching agreement with Sir Jim Ratcliffe for 25 per cent shareholding in the club
Sir Jim Ratcliffe has completed a deal worth £1.3 billion with the Glazer family to acquire a 25 per cent stake in Manchester United.
Advertisement
Ratcliffe, the CEO of petrochemicals company Ineos, was officially unveiled as a minority owner at United, bringing an end to the protracted 13-month saga which began last November when the Glazers announced they would be willing to listen to offers for one of the biggest clubs in the world.
The deal will see Ratcliffe and Sir Dave Brailsford assume control of football operations in what is another major development in the overhaul of the senior hierarchy at Old Trafford, following news of Richard Arnold's resignation as chief executive on November 15.
Ratcliffe expressed an interest in investing in United back in January and faced competition from Qatari businessman Sheikh Jassim bin Hamad al Thani, who had a bid reported to be worth around £5bn to buy the club outright rejected before withdrawing from the process.
That left the path clear for Ratcliffe, one of the UK's richest men and a boyhood United fan, to negotiate a deal that would allow him and Brailsford to take charge of football matters while leaving the Glazers with a majority stake.
In statement on the club's website, Ratcliffe, said: "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 deal is subject to approval..
Ratcliffe and Ineos' portfolio includes investments in other sporting organisations, so it is expected he will bring what he's learnt to Old Trafford in a bid to turn the club's fortunes around.
The 71-year-old owns French side Nice and holds a 33% stake in the Mercedes Formula 1 operation.
He also bought over the cycling outfit formerly known as Team Sky in 2019, renaming it Ineos Grenadiers. Brailsford joined Team Sky from its inception in 2010 and was instrumental in its success, with his 'marginal gains' approach helping the likes of Bradley Wiggins and Chris Froome win the Tour de France.
Brailsford retained his position as team principal during the takeover and was appointed director of sport at Ineos in 2021.
In Ratcliffe, United have a shrewd operator and renowned businessman who will be eager to get United back to winning ways and arrest a decade-long slump.
The reign of the Glazer family, who bought United in 2005 for just under £800m, has been marked by fan protests amid a startling loss of form since the retirement of Sir Alex Ferguson in 2013.
That was the last time United lifted the Premier League and they currently sit seventh under Erik ten Hag following a poor start to the season that saw them dumped out of Europe before Christmas for the first time since the 2005/06 campaign.
Of the major titles to be won, the English giants have added only the Europa League, one FA Cup and two League Cups to their trophy haul in the post-Fergie era.
There is also anger over the lack of investment made in the club by the Glazers. Old Trafford is in growing disrepair, while the training facilities haven't been updated for some time.
During his ill-fated second stint with the club, Cristiano Ronaldo admitted he "was surprised, in a bad way" when he returned to find "everything was the same" from when he left for Real Madrid in 2008.
"They stopped on a clock, in my opinion," Ronaldo added. "A club with this dimension should be the top of the tree in my opinion and they are not, unfortunately.
"I don't know what's going on but since Sir Alex Ferguson left I saw no evolution in the club, the progress was zero."
Manchester United reaches agreement for Sir Jim Ratcliffe, Chairman of INEOS, to acquire up to a 25% shareholding in the Company.#MUFC
— Manchester United (@ManUtd) December 24, 2023
