The Ineos founder will take control of sporting affairs as part of the deal (Picture: Reuters)
Sir Jim Ratcliffe has finally secured a 25 per cent stake in Manchester United just over a year after the Glazer family first announced they were considering selling the club.
The INEOS billionaire has been handed control of football operations of the club with the acquisition of 25 per cent of Manchester United.
Manchester United confirmed the following has been agreed with Ratcliffe.
Acquisition of 25% of the Class B shares held by the Glazer family
Offer to acquire up to 25% of all Class A shares
The Glazer family and Class A shareholders will receive the same price of $33.00 per share
Further investment of $300 million in the Club
INEOS delegated responsibility for management of football operations
Completion of this deal is subject to receiving all necessary regulatory approvals including from the Premier League
Back in November 2022, a statement from United confirmed they were ‘commencing a process to explore strategic alternatives for the club’ which included the possibility of new investment or a full sale.
An exhaustive bidding process saw Ineos founder Ratcliffe and Qatari banker Sheikh Jassim emerge as the two most credible suitors, with both initially looking to complete a full takeover.
However, neither party was able to convince the Glazers to sell with the American owners holding out for a figure in the region of £10billion – almost twice what was being offered – while two of the siblings, Joel and Avram, are believed to have been opposed to a full sale.
While Sheikh Jassim ultimately decided to withdraw from the process, Ratcliffe rejigged his bid and instead proposed a deal for a minority stake.
For nearly a month the £1.3billion offer has been on the verge of completion and now, at long last, United have confirmed that Ratcliffe’s deal to buy a 25% stake has been formally ratified.
As part of the deal, Ineos – who already own Ligue 1 side Nice – negotiated control of sporting affairs and their behind-the-scenes overhaul has already begun, with CEO Richard Arnold announcing he would step down last month.
Executive Co-Chairmen 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 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.’
INEOS Chairman, Sir Jim 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.’
MORE : Alex Ferguson to play role in Jim Ratcliffe’s Manchester United overhaul
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The Ineos founder will take control of sporting affairs as part of the deal.