Sir Jim Ratcliffe completes 25% investment in Man United

Manchester United have confirmed they have agreed to sell a minority stake to Sir Jim Ratcliffe, with the INEOS chairman also pledging to invest a further $300 million in the club.

Ratcliffe acquired a 25% stake in the club in a deal worth around £1.3 billion ($1.6 billion) and will also take responsibility for football operations at United.

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A statement released on Sunday said its additional $300 million commitment was “intended to enable future investment in Old Trafford”.

“As a local kid and lifelong supporter of the club, I am very pleased that we have been able to reach an agreement with the Manchester United board which delegates responsibility for the management of the club’s football operations to us.” , Ratcliffe said in the statement. . “Although the club's commercial success has ensured that there are always funds available to win trophies at the highest level, this potential has not been fully realized in recent times.

“We will bring the global knowledge, expertise and talent of the wider INEOS Sport Group to help improve the club, while also providing funds to enable future investment at Old Trafford.

“We are here for the long term and recognize that many challenges and hard work lie ahead, which we will approach with rigor, professionalism and passion. We are committed to working with everyone at the club – the board, the staff, players and fans – to help move the club forward.

“Our shared ambition is clear: we all want to see Manchester United where they belong, at the pinnacle of English, European and world football.”

Ratcliffe will acquire 25% of the club's Class B shares, previously held exclusively by the Glazer family, and up to 25% of the Class A shares, which are traded on the New York Stock Exchange.

A source has told ESPN that two seats on the football board will go to Sir Dave Brailsford and Jean-Claude Blanc.

There is no formal agreement for Ratcliffe to become a full owner of United, but he would get first refusal if the Glazers decide to sell more shares.

“We are delighted to have reached this agreement with Sir Jim Ratcliffe and INEOS,” co-executive chairmen and directors Avram Glazer and Joel Glazer said in the release. “As part of the strategic review we announced in November 2022, we committed to examining various alternatives to help improve Manchester United, with a focus on the success of our men's, women's and national teams. Academy.

“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 building and leading teams. “Elite inside and out.” Outside of the game. Manchester United have talented people throughout the club and our desire is to always improve at every level to help our great fans be more successful in the future. “

The news comes more than a year after the Glazers announced they were “exploring strategic alternatives for the club”, including agreeing an investment or sanctioning a full sale.

Despite interest from Ratcliffe and Qatari businessman Sheikh Jassim Bin Hamad Al Thani in a complete takeover of Old Trafford, the Glazers chose to accept Ratcliffe's offer to buy a minority stake . Under the terms of the agreement, the Glazers will remain at the club as majority shareholders.

The Glazers have been deeply unpopular with fans since their leveraged buyout of the club in 2005.

A statement from the Manchester United Supporters Trust reacting to the announcement said: “Today could — just might — be a step forward for Manchester United after some very difficult years. But with the Glazers still in charge, people should understand that United fans will remain skeptical and wait for the proof in the pudding.”

Ratcliffe, 71, was born in Failsworth, Manchester, and grew up a United fan. He already owns French club Nice and Swiss side FC Lausanne-Sport and failed in a late bid to buy Chelsea in 2022.

Before Ratcliffe's involvement at United was confirmed, CEO Richard Arnold announced he would resign. Patrick Stewart has been named interim CEO, with Arnold providing “transitional support” until the end of December.

United's statement also said Ratcliffe's management responsibilities “will include all aspects of the men's and women's football operations and academies, as well as two seats on the board of directors of Manchester United PLC and the board of directors of the Manchester United Football Club.

“The shared ambition is to create a world-class football operation building on the club’s many existing strengths, including the successful off-the-field performances from which it continues to benefit.”