Sir Jim Ratcliffe promises to restore Manchester United's former glory after acquiring 25% stake
By Ovaise Shariff | First Published Dec 25, 2023, 6:30 PM ISTSir Jim Ratcliffe, has unveiled a £1.25 billion deal to acquire a 25% stake in the club. Promising to refurbish the club's infrastructure with a $300 million injection, Ratcliffe aims to lead football operations and propel United to the pinnacle of English, European, and world football.
Jim Ratcliffe is set to rejuvenate Manchester United, pledging a £1.25 billion investment in a 25% stake and undertaking football operations. The INEOS chairman, a lifelong fan, plans to refurbish the club's infrastructure with a $300 million injection. Ratcliffe's commitment to return United "back where we belong" has stirred excitement among fans critical of the Glazer family's ownership. The deal involves INEOS acquiring 25% of Glazer-owned Class B shares, with plans to offer 25% more. Ratcliffe's total investment, including stadium upgrades, is estimated at £1.25 billion.
Ratcliffe said: “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.
Latest Videos
“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.
We all want to see Manchester United back where we belong, at the very top of English, European and world football said Sir Jim Ratcliffe
“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.”
Under the agreement, INEOS will acquire 25 per cent of the Class B shares owned by the Glazers and tender an offer for up to 25 per cent of the Class B shares at USD33 each in a deal which will not add to the club’s existing debt.
In addition, he will inject USD200million – £158million – on completion to upgrade Old Trafford and a further USD100million – £79million – by the end of 2024, taking his total investment to around £1.25billion.
Executive co-chairmen and directors Avram Glazer and Joel Glazer, who announced a strategic review 13 months ago, 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.”
Ratcliffe found himself engaged in a lengthy battle with Qatari businessman Sheikh Jassim after it became apparent that the club – or ultimately part of it – could be up for sale.
Sheikh Jassim withdrew his bid for full control in October with a long-running saga showing little sign of reaching a conclusion until Ratcliffe’s focus shifted to the pursuit of a significant minority stake.
subscribe to Asianet Newsable WhatsApp channel by clicking here. For more reliable and latest news
subscribe to Asianet Newsable Telegram channel by clicking here.