Ratcliffe Closes United Investment
British billionaire Sir Jim Ratcliffe has agreed a deal to acquire 25% of Manchester United.
The agreement sees Ratcliffe’s Ineos group take full control of football operations at the Premier League football club after obtaining 25% of United’s Class B shares held by current majority shareholders, the Glazer family.
The value of the deal is thought to be $1.3bn (£1.03bn).
Ratcliffe has also pledged an additional £300m investment to the club intended to enable long-lasting financing for Old Trafford, United’s 74,310 capacity stadium.
Ineos, which is not a stranger to sport following its involvement in sailing, cycling and European football, will manage operations of the men’s, women’s and academy sides.
Additionally, Ineos will also get two seats on the Manchester United PLC board and the Manchester United Football club boards.
Avram Glazer and Joel Glazer, Executive Co-Chairman and Directors, said, “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.”
The news brings the long-running saga of Manchester United’s sale to an end. Sir Jim Ratcliffe had initially been competing with Qatari banker Sheikh Jassim bin Hamad al Thani for full control of the club before the Glazer family decided not to go ahead with a full sale.
Sheikh Jassim withdrew his offer to buy the club in October.
Sir Jim Ratcliffe, Chairman of Ineos, added, “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.”
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