OFFICIAL: Sir Jim Ratcliffe's deal with Man Utd for 27.7% stake completed

British billionaire Jim Ratcliffe's INEOS announced on Tuesday that the purchase of 27.7% of Manchester United is official, after passing the necessary reviews by the Premier League and the FA.

Manchester United announced the deal, valued at £1 billion (1.2 billion euros), on 24 December, but due to the mechanisms and rules that the Premier League and the FA have in place to guarantee the legitimacy of these operations, it was only made official on Tuesday.

This transaction means that the Glazer family, which has owned the club since 2005, has disposed of 27.7% of the club, after failing to reach an agreement with Ratcliffe and the other potential buyers, such as Qatar, for the complete sale of the club.

In addition to the 1 billion that INEOS has contributed for the minority stake, Ratcliffe has committed to injecting a further 300 million for the addition of new players and the improvement of facilities.

This operation also means that the sporting management will now be in the hands of INEOS, which will not have full decision-making power, but will have the final say in football decisions.

“To become co-owner of Manchester United is a great honour and comes with great responsibility. This marks the completion of the transaction, but just the beginning of our journey to take Manchester United back to the top of English, European and world football, with world-class facilities for our fans. Work to achieve those objectives will accelerate from today," said Sir Jim Ratcliffe.

Joel Glazer, co-chief executive, welcomed Ratcliffe and INEOS to "develop a bright future" for Manchester United. “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.”

The Glazers have been heavily criticised by many United fans for running the club into debt in recent years and for the decline in the sporting department. The Red Devils have not won the Premier League since 2013 and the Champions League since 2008. Until winning the EFL Cup last season, the Old Trafford club had gone five years without lifting a single trophy.

 

February 20, 2024