Man Utd: Premier League giants announce 25% takeover sale to INEOS CEO Sir Jim Ratcliffe
Manchester United have sold a 25% stake worth around £1.25bn to British billionaire Sir Jim Ratcliffe, the club confirmed on Sunday.
After over a year since the Glazers announced they were open to a sale or “explore strategic alternatives,” the 20-time English champions will now have new minority owners.
Ratcliffe, owner of petrochemical company INEOS and a serial investor in sports, has been handed total control of United’s football operations across both the men’s and women’s teams as well as the club’s academy.
The 71-year-old Brit will also provide a substantial amount, totaling $300 million, for future investments in the iconic but dilapidating Old Trafford Stadium. $200 million of the money will be paid upon the finalization of the transaction, while the remaining part will be turned in by the end of 2024.
Ratcliffe, who was born in Manchester and is a life-long United fan 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.”
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
The American owners of the Red Devils, the Glazers, who bought the club for £790 million back in 2005, have come under major scrutiny over the years, with various protests across United fan groups due to the team’s disappointing performances for the majority of a decade.
After the announcement of the deal, Avram Glazer and Joel Glazer, the club’s executive co-chairmen and directors, 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.”
Ratcliffe, who also owns French Ligue 1 club OGC Nice and Swiss Super League side FC Lausanne-Sport, will be provided two seats on the Manchester United PLC board and the Manchester United Football Club boards, with reports suggesting his INEOS executives Sir Dave Brailsford and Jean-Claude Blanc as the two names on the board.
The long-awaited deal, like many others, is “subject to customary regulatory approvals,” but United said they are “hopeful it will be completed as soon as possible.”.
