Sir Jim Ratcliffe struck a deal to officially acquire a 25% stake in Manchester United and take control of the club's football operations. The news was announced on Christmas Eve, ending 13 months of negotiations over a potential change of ownership at Old Trafford.
Britain's richest man is acquiring the £26-per-share stake in a deal that "will include all aspects of the men's and women's team football operations and academies", for his INEOS group, it said in a statement. INEOS sporting director Sir Dave Brailsford and INEOS Sport chief executive and former Juventus and Paris Saint-Germain director Jean-Claude Blanc are expected to have board seats at United. The deal has yet to be officially approved by the Premier League - a process that will take between six and eight weeks. There is no formal agreement for Ratcliffe to take the Glazer family's shares any time soon, but the INEOS president has the right of first refusal to sell any shares by them in the future.
Ratcliffe will inject £237m into the club for infrastructure investment. Via INEOS Sport, United said they "will have access to experienced, high-performance professionals with experience in building and leading elite teams both on and off the game".
"As a local boy and a long-time supporter of the club, I am delighted that we have been able to reach an agreement with the management of Manchester United, which gives us management responsibility for the football operations at the club. While Manchester United's promotional success has ensured that the finances are available to win of trophies at the highest level, this potential has never been fully realized in recent years.We will bring with us the global knowledge, expertise and talent from the INEOS Sports Group to help drive further improvement at the club while securing finance, which will ensure future investment at Old Trafford. We are here for the long term and we recognize that there is a lot of work and challenges ahead, which we will meet with professionalism and passion. We are committed to working with everyone at the club - the management, the coaching staff, players and fans to take the club in the right direction. Our shared ambition is clear: we all want to see Manchester United where it belongs, at the top of English, European and world football," Ratcliffe said in a statement.
Britain's richest man is expected to have a major say in how the Red Devils are run until the start of the winter transfer window in January, with Paul Mitchell set to become the club's new sporting director - he currently holds the role at Monaco. having previously been in charge of transfers at Southampton, Tottenham and RB Leipzig. Jean-Claude Blanc is likely to become CEO and Brailsford will also contribute. Manager Erik ten Hag's job is not under threat, but the Dutchman is well aware that he needs to improve on his early season results if he is to continue leading the club going forward. United are only eighth in the Premier League with 28 points, with eight league defeats and 13 in all competitions, having already been knocked out of the Champions League and dethroned in the League Cup by Newcastle. /BGNES
