Manchester United have announced that Sir Jim Ratcliffe, INEOS chairman, has acquired a 25% stake in the club. This shift will see Ratcliffe take control of both men’s and women’s soccer operations as the partial sale from the Glazer family, who still remain as majority owners. The deal comes in at a cost of around $1.5 billion and also includes $300 million of future investment.
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Born in Manchester, Ratcliffe has been a lifelong supporter of the club and with the deal being completed before the winter transfer window in January, it will allow Manchester United to work on improving the team on the pitch that currently sits eighth in the Premier League. The Glazers began a strategic review of the club during 2022 that initially would see them potentially sell the entire club but the decision was made to only sell the partial stake which nets more than the 790 million pounds that the Americans paid for the club in 2005.
“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,” Executive co-chairmen and directors Avram Glazer and Joel Glazer said in a statement.
“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 deal is subject to receiving regulatory approvals including that of the Premier League but those are expected to be formalities at this stage.
KVSP