Manchester United on Sunday confirmed a deal to sell 25 per cent of company's shareholding to INEOS chairman Jim Ratcliffe. Ratcliffe is set to purchase 25 per cent of Manchester United's Class B shares and potentially up to 25% of Manchester United's Class A shares as well. Additionally, he will contribute an extra $300 million, earmarked for facilitating future investments in Old Trafford.
As a part of the deal, INEOS has agreed to oversee the management of the club's football operations, encompassing both men's and women's football operations as well as the academy. This responsibility also entails holding two positions on the boards of both Manchester United PLC and Manchester United Football Club.
“The joint ambition is to create a world-class football operation building on the Club’s many existing strengths, including the successful off-pitch performance that it continues to enjoy,” a statement from the club read.
Ratcliffe, a lifelong supporter of Manchester United, stated that he acknowledges the challenges of taking over the club which is facing significant on-field issues; the side is knocked out of the Champions League this year, and is also below the top-4 ahead of Christmas.
"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.
{{/usCountry}}"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.
{{/usCountry}}“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,” the statement from Ratcliffe read.
United's Executive Co-Chairmen and Directors, Avram Glazer and Joel Glazer issued a joint statement following the completion of the deal, stating that it will “help enhance” the club and its footballing operations.
“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,” the statement read.