Sir Jim Ratcliffe has finally officially become part of the Manchester United family after the club announced the sale of shares to the INEOS owner.
Premier League giants Manchester United have announced that they have reached a groundbreaking agreement with Sir Jim Ratcliffe, Chairman of INEOS, for the acquisition of up to a 25% shareholding in the club.
The deal encompasses the acquisition of 25% of Class B shares held by the Glazer family, as well as an offer to acquire up to 25% of all Class A shares.
The transaction, valued at $33.00 per share, is coupled with a substantial additional investment of $300 million, aimed at facilitating future enhancements to Old Trafford.
INEOS Assumes Football Operations Management
As part of the deal, INEOS will take on the responsibility for managing the football operations of Manchester United.
This encompasses oversight of both men's and women's football operations, as well as academies.
INEOS will also secure two seats on both the Manchester United PLC board and the Manchester United Football Club boards.
Statements from Manchester United's Leadership
Avram Glazer and Joel Glazer, Executive Co-Chairmen, and Directors expressed delight at the deal, emphasizing the commitment to enhancing Manchester United across all levels. In the press statement, they were quoted as saying, "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."
Sir Jim Ratcliffe, Chairman of INEOS also expressed his pleasure at securing management responsibility for the football operations. He highlighted INEOS Sport's global expertise and pledged a long-term commitment to driving the club forward.
He 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."
Details of Sir Jim Ratcliffe's deal with Manchester United
The financial arrangement includes a $300 million fund dedicated to future investments in Old Trafford's infrastructure. This includes $200 million immediately after the deal is ratified and will come debt-free from Trawlers Limited.
Subject to customary regulatory approvals, this transformative deal signifies a strategic move for Manchester United, aligning with a vision for sustained success. As Sir Jim Ratcliffe takes the helm in managing football operations, the collaboration aims to propel Manchester United back to its esteemed position in domestic and international football.
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