Manchester United Lifted by INEOS Group Chairman’s £236m Purchase
Manchester United announced that INEOS Group chairman Sir Jim Ratcliffe will buy a quarter of the club. With rumors, let’s take a look at how the £236 million acquisition will impact the club’s dynamics.
What does the deal mean for club’s ownership?
The Glazer family will still maintain majority ownership, meaning for the time being, little will change. Nevertheless, under the agreement, INEOS is set to oversee the club’s football operations and all aspects of the men’s and women’s teams, as well as the academies. The next steps Ratcliffe and the INEOS Group will take to manage this remains unclear.
When will INEOS Group take over?
The agreement was announced on Christmas Eve, and while detailed discussions are ongoing it still has not been finalized. The deal has to go through customary regulatory approvals which are expected to take some time – up to six weeks during the holiday season. Therefore, substantial changes in club ownership may not happen until midway through the January transfer window.
Shifts in the boardroom structure
Ratcliffe, a lifelong United supporter, brings with him substantial sports administration experience. Structural changes are expected, along with the possible recruitment of key personnel from the sports world including Sir Dave Brailsford and Jean-Claude Blanc, who have experience with elite sports organizations.
Future of manager Erik ten Hag
The club has had a dismal season, suffering multiple defeats without any notable achievements. Ten Hag, the Dutchman, remains confident in his abilities despite the club’s underperformance. Ratcliffe has vowed to restore United to their former glory, hinting at a possible shakeup if substantial changes in results are not seen.
Priority tasks on the ‘to-do’ list
INEOS will inject £158 million into the club for the refurbishment of the debt-laden infrastructure at Old Trafford. The stadium is in dire need of an upgrade, with reports of leaks and outdated facilities. Management will also need to address the club’s considerable debt, poor player performance, and other significant challenges before it can be returned to its former glory.