Rob Dawson, Correspondent December 24, 2023, 11:00 a.m. ET
Manchester United have confirmed they have agreed to sell a minority stake to Sir Jim Ratcliffe. The INEOS chairman has also committed to investing an additional $300 million in the club.
Ratcliffe has acquired a 25% stake in the club and will also take responsibility for football operations at United.
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A statement released on Sunday said his further commitment of $300 million was “intended to enable future investment at Old Trafford”.
Ratcliffe said: “As a local resident and lifelong supporter of the club, I am delighted that we have been able to agree a deal with the Manchester United board that will give us management responsibility for the club’s football operations.”
“While the club’s commercial success has ensured that there have always been resources to win trophies at the highest level, this potential has not been fully realized in recent times.”
“We will bring in the global knowledge, expertise and talent of the wider INEOS Sport group to drive further improvement at the club, whilst providing funding to enable future investment at Old Trafford.”
“We are here for the long haul and know that there are still many challenges and hard work ahead of us, which we will tackle with consistency, professionalism and passion. We are committed to working with everyone at the club – the board, staff, players and fans – to move the club forward.
“Our common goal is clear: we all want to see Manchester United back where we belong: at the top of English, European and world football.”
Ratcliffe will acquire 25% of the club's Class B shares, previously held exclusively by the Glazer family, and up to 25% of the Class A shares traded on the New York Stock Exchange (NYSE).
Executive co-chairmen and directors Avram Glazer and Joel Glazer 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 are committed to examining various alternatives to improve Manchester United, with a focus on the success of our men's, women's and academy teams.
“Sir Jim and INEOS bring a wealth of commercial experience as well as a significant financial commitment to the club. And through INEOS Sport, Manchester United will have access to experienced, high performance professionals who have experience of building and leading elite teams both inside and outside the game. Manchester United have talented people across the club and our desire is to continue to improve at all levels to bring greater success to our great fans in the future.”
The news comes more than a year after United's owners, the Glazer family, revealed they were “exploring strategic alternatives for the club”, including accepting investment or approving an outright sale.
Despite interest from Ratcliffe and Qatari businessman Sheikh Jassim Bin Hamad Al Thani in a full takeover of Old Trafford, the Glazers decided to accept Ratcliffe's offer to buy a minority stake. Under the terms of the agreement, the Glazers, led by co-chairmen Joel and Avram Glazer, will remain as majority shareholders in the club.
The Glazers have enjoyed great popularity with fans since they bought the club under great pressure in 2005.
Ratcliffe, 71, was born in Failsworth, Manchester and grew up a United fan. He already owns French club Nice and Swiss club FC Lausanne-Sport, and failed in a late bid to buy Chelsea in 2022.
Before Ratcliffe's commitment to United was confirmed, CEO Richard Arnold announced his resignation. Patrick Stewart was named interim CEO, with Arnold providing “transition support” until the end of December.
A United statement released on Sunday said: “Manchester United today announces that it has entered into an agreement under which INEOS chairman Sir Jim Ratcliffe will acquire 25 per cent of Manchester United’s Class B shares and up to United will acquire 25 percent of Manchester.” United's Class A shares and provide a further $300 million to enable future investment at Old Trafford.
“As part of the transaction, INEOS has accepted a request from the board to give it responsibility for managing the club’s football operations. This includes all aspects of men's and women's football operations and academies, as well as two seats at Manchester United.” PLC board and the boards of Manchester United Football Club.
“The shared aim is to build a world-class football operation that builds on the club’s many existing strengths, including the successful performance off the field that it continues to enjoy.”