Manchester United is gearing up for big changes, following an announcement on Christmas Eve that the club has reached a £1.25 billion deal with Jim Ratcliffe, who will now own a 25% stake in the club. The INEOS chairman has big plans for Manchester United, promising to put the club back at the top of English, European, and world football.
In addition to the deal with Ratcliffe, he will invest over $236 million to refurbish the club’s infrastructure. Ratcliffe expressed his delight as a lifelong fan of the club, emphasizing his goal to fully unlock the potential of the club, and drive further improvement with the help of the wider INEOS Sports group.
INEOS will acquire 25% of the Class B shares from the Glazers, with an option to buy more shares, and will inject a total of $300 million to upgrade Old Trafford without adding to the club’s existing debt. The club’s executive co-chairmen and directors Avram Glazer and Joel Glazer stated their excitement about the deal and the financial commitment INEOS brings.
This deal comes after a lengthy battle by Ratcliffe for a significant minority stake in the club with Qatari businessman Sheikh Jassim. The announcement was greeted with guarded welcome by the Manchester United Supporters Trust, emphasizing that fans remain skeptical and will wait for the proof in the pudding.
The Premier League still needs to approve Ratcliffe’s investment, which could take between four and six weeks. Former United defender Gary Neville expressed his displeasure with the timing of the announcement, calling out the club’s management.
With the potential for major changes, Manchester United fans are hopeful that the new investment and ownership will bring the club back to its former glory. However, with several key approvals and a significant amount of investment involved, it remains to be seen how the proposed changes will unfold and impact the club’s future.