Adedapo Adesanya
By Adedapo Adesanya
British billionaire petrochemicals tycoon, Sir Jim Ratcliffe, has acquired a 25 per cent stake in English football club, Manchester United.
The club on Sunday announced today that it has entered into an agreement under which the Chairman of INEOS will acquire 25 per cent Class B shares and up to 25 per cent of Manchester United’s Class A shares and provide an additional $300 million intended to enable future investment into Old Trafford.
The billionaire’s purchase of a 25 per cent stake in the Red Devils comes more than a year after the Glazer family, which has controlled the club since 2005, began formally exploring a sale.
As part of the transaction, INEOS has accepted a request by the Board to be delegated responsibility for the management of the club’s football operations.
This will include 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 goal of the acquisition will be 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.
Speaking on the deal, the Executive Co-Chairmen and Directors, Mr Avram Glazer and Mr Joel Glazer, jointly 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 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 a 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.”
On his part, Sir Jim Ratcliffe, said: “As a local boy and a lifelong supporter of the Club, I am very pleased that we have been able to agree to a deal with the Manchester United Board that delegates us management responsibility of the football operations of the club.”
“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.”
The transaction is subject to customary regulatory approvals and all parties are hopeful it will be completed as soon as possible, a statement seen by Business Post said.
