British Billionaire Sir Jim Ratcliffe has completed a 25 per cent Manchester United takeover today in a deal worth £1.3 billion, according to a statement from the club.
The 71-year-old who is also the chairman and CEO of chemical company INEOS, has agreed on a deal worth around £1.3 billion ($1.6bn) for a 25% stake in the Premier League club.
“Manchester United plc reached an agreement for Sir Jim Ratcliffe, Chairman of INEOS, to acquire up to a 25% shareholding in the Company, ” a statement from Manchester United website reads.
The Glazers have been deeply unpopular with fans since their heavily leveraged buy-out of the club in 2005.
The news comes as a relief to millions of United fans following the Red Devils poor run in the Premier League this season as Ratcliffe is expected to take control of the club’s footballing affairs once it is approved by the Premier League – a process expected to take between six and eight weeks
Ratcliffe will also inject $300m (£237m) into the club for investment in its infrastructure, taking his immediate outlay to roughly $1.5bn (£1.2bn).
“Manchester United plc (NYSE: MANU) announced today that it has entered into an agreement under which Chairman of INEOS, Sir Jim Ratcliffe, will acquire 25 per cent of Manchester United’s Class B shares and up to 25 per cent of Manchester United’s Class A shares and provide an additional $300 million intended to enable future investment into Old Trafford.
“As part of the transaction, INEOS has accepted a request by the Board to be delegated responsibility for the management of the Club’s football operations. This will include 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.”
Ratcliffe who has been a childhood supporter of Man United expressed delight in acquiring a stake at Old Trafford club
“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,” Ratcliffe said.
The 71-year-old who also owns French Club Nice and Swiss outfit FC Lausanne-Sport promised to bring renowned expertise to take Man United back to the summit.
“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.”
Man United Executive Co-Chairman and Directors, Avram Glazer and Joel Glazer said: “We are delighted to have agreed 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 a significant financial commitment to 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 we desire to always improve at every level to help bring our great fans more success in the future.”
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