SportFootball
The Ineos Group owner has purchased a 25 per cent stake in the Premier League giants from the Glazer family
Sir Jim Ratcliffe completes deal for minority stake in Manchester United
Manchester United have entered a new era as Sir Jim Ratcliffe has completed his deal to become a minority shareholder in the Premier League club.
Ratcliffe’s Ineos Group have announced that they have agreed a deal, thought to be in the region of £1.3bn, with the current owners, the Glazer family, to buy 25 per cent of United.
The petrochemicals billionaire will take control of football operations and is prepared to invest a further £245m into infrastructure works at Old Trafford and possibly Carrington, United’s training ground.
The agreement will signal the end of a tumultuous chapter in the club’s history after the Glazers announced that they would consider selling the club back in November 2022.
Follow all the latest updates below:
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Everything you still don’t know about the Manchester United takeover
For all the noise around the Manchester United sale process over the past few months, there were a few key words that actually stood out as crucial to those involved. That was when the Ineos delegation met the club hierarchy and Sir Jim Ratcliffe was “blunt” about the many football failings. The billionaire, who took the same “helicopter view” of the sport as he does all his businesses, pointed to specific areas where United were drastically underperforming against similar clubs.
This contrasted with the Qatari delegation, who never actually included Sheikh Jassim. They went into no such detail.
It has all played into one of the biggest developments out of the major news that the Glazer ownership of United has finally been diluted. A minority stake has been sold to Ineos.
Ratcliffe’s football hierarchy – to be led by Jean-Claude Blanc – will not have to run decisions past the US-based siblings, in the way that has arguably hampered United for so long. A budget will be agreed at board level and that will then be completely under the purview of the Ineos sporting structure, who will have total control and authority over the sporting side of the club. That might seem unusual but it will in some way be a reversion to the structure under Sir Alex Ferguson and David Gill. The authority is there to make major decisions.
The importance of that in itself shouldn’t be underestimated. It is arguably a best-case scenario for supporters in the context of the Glazers staying, and something most would have eagerly accepted before at least November 2022.
Analysis by Chief Football Writer, Miguel Delaney
Jamie Braidwood24 December 2023 16:32
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Who is Sir Jim Ratcliffe, the billionaire Ineos owner buying a stake in Manchester United?
Sir Jim Ratcliffe has finally completed his 25 per cent investment in Manchester United to become a minority shareholder in the football giants.
Ratcliffe’s Ineos Group is expected to pay close to £1.3bn to buy 25 per cent of the Premier League club from the Glazer family and take control of football operations at Old Trafford.
Ratfcliffe grew up on a council estate in Manchester and supported the Old Trafford club as a child.
Here is what we know about the owner of petrochemicals giant Ineos.
Jamie Braidwood24 December 2023 16:21
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BREAKING! Manchester United confirm Sir Jim Ratcliffe deal
Avram Glazer and Joel Glazer: “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.”
Jamie Braidwood24 December 2023 16:10
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BREAKING! Manchester United confirm Sir Jim Ratcliffe deal
Sir Jim Ratcliffe: “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.”
Jamie Braidwood24 December 2023 16:05
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BREAKING! Manchester United confirm Sir Jim Ratcliffe deal
Manchester United confirm:
Acquisition of 25% of the Class B shares held by the Glazer familyOffer to acquire up to 25% of all Class A sharesThe Glazer family and Class A shareholders will receive the same price of $33.00 per shareFurther investment of $300 million in the ClubINEOS delegated responsibility for management of football operationsCompletion of this deal is subject to receiving all necessary regulatory approvals including from the Premier League
Jamie Braidwood24 December 2023 16:03
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BREAKING! Manchester United confirm Sir Jim Ratcliffe deal
Confirmation from Manchester United:
Jamie Braidwood24 December 2023 16:02
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BREAKING! Manchester United confirm Sir Jim Ratcliffe deal
Sir Jim Ratcliffe has completed his purchase of a 25 percent stake in Manchester United and will be given footballing control of the club, Richard Jolly reports.
The Ineos billionaire, a lifelong United fan, has paid £1.3bn for Class B shares from the Glazer family, who retain the biggest take in the club, and will provide an extra $300m for investment in Old Trafford. Two-thirds of that will be available immediately, with the rest to follow by the end of 2024.
The petrochemicals magnate Ratcliffe vowed to try and unlock United’s potential and take them back to the top of English and European football. Erik ten Hag’s struggling team are currently eighth in the Premier League and were knocked out of the Champions League after finishing bottom of their group.
The sale of the stake to Ratcliffe ends a 13-month takeover process in which United also explored a sale, with the Qatari banker Sheikh Jassim making five bids, and Ineos first looking for a full buyout and then amending their offer to minority investment.
Jamie Braidwood24 December 2023 16:01
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Takeover announcement set for 4pm
How will Manchester United announce the big news? A classic corner flag stock image? Or an Old Trafford shot?
We’ll have all the news, reaction and analysis.
Jamie Braidwood24 December 2023 15:55
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Takeover announcement set for 4pm
A new update for you, Manchester United are set to announce the Sir Jim Ratcliffe takeover at 4pm GMT, so around 20 minutes’ time. This 13-month saga finally having a finish line in sight it seems.
Luke Baker24 December 2023 15:44
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Gary Neville slaughters timing of announcement
If you’re thinking that Christmas Eve afternoon, especially when it falls on a Sunday, is a strange time for Manchester United to announce a takeover deal that pretty significantly affects their future, well you’re not alone…
The always-outspoken Gary Neville has absolutely slaughtered the timing.
He posted on Twitter/X: “Manchester United 2023 has been a disgrace to the end. The timing of this is truly awful and no functioning organisation would even think about it. Anyway all the very best to Jim Radcliffe [sic] and I hope he can somehow work out a way to get the club right again and back to being something respectable on and off the pitch.”
Luke Baker24 December 2023 15:33
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