The English Premier League’s Manchester United Football Club has announced that Ineos Group chairman Sir Jim Ratcliffe has reached an agreement to acquire a 25 per cent stake in the club and inject approximately £236 million into the club. Ineos will assume control of the club’s football operations as part of the deal.
The agreement involves the acquisition of 25 per cent of Class B shares held by the Glazer family and up to 25 per cent of the Class A shares by Sir Jim Ratcliffe. This massive investment of 300 million US dollars (£236.7 million) aims to enhance the infrastructure at Old Trafford, the stadium where Manchester United is based.
Manchester United’s official statement read that Sir Jim Ratcliffe, chairman of Ineos, would acquire a significant shareholding in the club. The statement revealed that Ineos has agreed to manage the club’s football operations, including the men’s and women’s teams, as well as the football academies. Ineos will also have two seats on the board of Manchester United PLC.
Ratcliffe, who is a lifelong supporter of Manchester United, expressed his excitement about the deal. He emphasized that the club’s potential has not been fully unlocked in recent times. He mentioned the global expertise and talent from the Ineos Sport group that will be used to improve the club’s performance. Ratcliffe aims to work towards bringing Manchester United back to the pinnacle of English, European, and world football.
The Executive co-chairmen and directors Avram Glazer and Joel Glazer expressed delight in reaching the deal with Sir Jim Ratcliffe and Ineos. They highlighted the commercial experience and financial commitment that Ineos will bring to the club. They expressed their desire to continually improve the club at all levels to achieve more success in the future.
However, former Manchester United defender Gary Neville criticized the timing of the deal, calling it a “disgrace” due to the Christmas Eve announcement. He also expressed his concerns about the functioning of the organization, adding that he wishes Sir Jim Ratcliffe success in restoring the club’s respectable position on and off the pitch.
This partnership is subject to customary regulatory approvals, and both parties hope to complete the transaction as soon as possible. The deal reflects a new era for Manchester United, with a focus on driving the club’s success on and off the pitch. Sir Jim Ratcliffe’s involvement is aimed at reviving the club’s fortunes and putting Manchester United back where it belongs – at the pinnacle of global football.