Sir Jim Ratcliffe and Ineos have completed the purchase of a minority stake in Manchester United.
United confirmed last December that a deal had been agreed for Ratcliffe to take a 25% stake in the club, with the Glazer family diluting their shares, rather than leaving completely. Ratcliffe's petrochemicals company INEOS is buying an equal share of Class B + Class A shares at $33 (£26) each for a total cost of $1.3 billion.
The 71-year-old said in January that he hoped his stake in United would be official by mid-February, and following approval by the FA and Premier League last week, his minority stake has now been finalised.
Ratcliffe said: “Becoming co-owner of Manchester United is a great honor and comes with great responsibility. This represents the completion of the deal, but is just the beginning of our journey to return Manchester United to the pinnacle of English, European and global football, with world-class facilities for our fans. Working to achieve these goals will “It is accelerating as of today.”
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Joel Glazer, Co-CEO, said: “I would like to welcome Sir Jim as co-owner and look forward to working closely with him and INEOS Sport to deliver a bright future for Manchester United.”
In November, it was announced that Ratcliffe would commit $300 million of his personal fortune to what United's statement described as a “future investment” in the club. This financial injection is considered a complement to Ratcliffe's current 25 percent stake.
The $300 million is an initial payment for infrastructure improvements, demonstrating INEOS' enthusiasm to begin the redevelopment of United's stadium, Old Trafford. It is hoped the additional funds will also be used for other facility improvements.
United's statement read: “Following the closing of the offer and acquisition of the Class B shares, Sir Jim invested $200 million in the club to acquire additional Class A and Class B shares through a preliminary issue, resulting in an ownership of approximately 27.7 per cent of the shares.” The club has a Class A share and 27.7 per cent of the club's Class B shares, with a further $100 million to be invested by 31 December 2024. These funds are intended to enable future investment in infrastructure at Old Trafford.
Although Ratcliffe and Ineos have to wait for the Premier League's approval, they have already begun instigating change, with United pulling off a major upset by appointing Manchester City's Omar Berrada as their new chief executive.
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United statement, issued yet The athlete The club announced that the news of Berrada's appointment “represents the first step” for the club, which places “football and performance on the pitch at the heart of everything we do.”
Berrada was identified and pursued by INEOS but with the endorsement of the Glazers in what eventually turned out to be a joint decision.
INEOS CEO Jean-Claude Blanc and Sir David Brailsford, the company's sporting director who was previously an executive at British Cycling, will join United's board alongside Perrada.
United also began their quest to appoint a sporting director after that The athlete They reported that they had made Dan Ashworth their top target for the position.
Ashworth has been placed on gardening leave after asking to leave Newcastle United. However, the matter is complicated because the 52-year-old is under contract to Tyneside, making it likely that Manchester United will need to pay a significant compensation fee to secure his services, with Newcastle United wanting £20m.
United are willing to be patient because Ashworth is a long-term appointment and they do not want to be pressured into paying an unrealistic sum.
Meanwhile, Ratcliffe sat alongside Sir Alex Ferguson for United's Premier League match against Tottenham Hotspur in January. The next day, he met with fan representatives and community leaders to introduce himself and hear their views. He also held a video meeting with the larger fan community.
A statement from MUST said Ratcliffe's message was that “everything at United needs to be ruthlessly focused on creating winning teams on the pitch – something we are sure all fans will agree on.”
United will play its next match on Saturday against Fulham in the English Premier League.
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