Aditya ChaudhuriManchester United Football Club (MUFC) have confirmed that INEOS Chairman, Sir Jim Ratcliffe, has reached an agreement to acquire 25% of the club’s “Class B shares held by the Glazer family” with an offer in place to “acquire up to 25% of all Class A shares”.
Reports suggest Ratcliffe has spent over £1 billion to acquire the MUFC minority stake and will further invest US$300 million towards Old Trafford’s infrastructure, US$200 million of which is due on finalisation of the deal and the rest by the end of 2024.
The deal will also see INEOS take up the responsibility for the management of MUFC’s football operations, including “all aspects of the men’s and women’s football operations and Academies, alongside two seats on the Manchester United PLC board and the Manchester United Football Club boards.”
The deal is subject to Premier League approval.
Avram Glazer and Joel Glazer, Executive Co-Chairmen and Directors, respectively, of Manchester United Football Club, jointly released the following statement:
“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.“
Sir Jim Ratcliffe 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.“
