Sir Jim Ratcliffe and INEOS have completed the purchase of a minority stake in Manchester United.
United confirmed as early as December that a deal had been reached for Ratcliffe to take a 25% stake in the club, with the Glazer family diluting their shares, without leaving entirely. Ratcliffe-based petrochemicals company INEOS has marked its entry into the Red Devils’ club by buying an equal split of Class B + Class A shares at $33 (£26) each at a total cost of $1.3 billion.
Sir Jim Ratcliffe: “Becoming part-owner of Manchester United is a great honor and comes with a great responsibility”
The 71-year-old said in January that he hoped his stake in United would be official by mid-February and, following approval last week from the Football Association and the Premier League, his minority stake has now been finalised. In November, it was already announced that Ratcliffe would commit $300 million from his personal wealth to this investment, $300 million serving as an initial payment for infrastructure improvements, signifying INEOS’ eagerness to begin a process of redevelopment for United’s stadium, Old Trafford.
Although Ratcliffe and INEOS had to wait for Premier League approval, they had already started managing the change, with United surprising everyone by appointing Manchester City’s Omar Berrada as their new chief executive in recent days, the first step in a new era that it will also include INEOS CEO Jean-Claude Blanc and Sir David Brailsford, the company’s director of sport who was a former British Cycling executive – the two of them will join United’s board alongside Berrada.
United have also begun looking to appoint a sporting director after The Athletic named Dan Ashworth as Manchester United’s top target for the position. However, Ashworth, despite having been set aside by Newcastle, is still under contract with the Magpies: Newcastle United wants 20 million pounds for the manager. However, United are trying to be patient because Ashworth is a long-term idea and they don’t want to be forced to pay such a huge sum. Ratcliffe, meanwhile, has already met with fan representatives and leaders of various groups to introduce himself and hear their perspectives. He also held a video meeting with the largest fan forum in the Red Devils social community.
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