British billionaire Jim Ratcliffe, the chairman of petrochemicals giant INEOS, has reached an agreement to acquire a 25 percent stake in Manchester United for a reported £1.25 billion ($1.6 billion). The deal also grants Ratcliffe control over the Premier League club’s football operations and includes substantial funding for future investments in Old Trafford stadium.
According to a club statement, Ratcliffe will obtain 25 percent of Manchester United’s Class B shares and up to 25 percent of Class A shares, along with providing an additional $300 million earmarked for future investments in Old Trafford.
As part of the transaction, INEOS will assume responsibility for the management of the club’s football operations.
Expressing his commitment to the club’s long-term success, Ratcliffe, a lifelong supporter of Manchester United, aims to restore the struggling 20-time English champions to the top of European football.
He emphasizes leveraging the global knowledge, expertise, and talent from the wider INEOS Sport group to drive improvement at the club.
The agreement ends over 12 months of speculation surrounding the ownership situation, marking a new era for Manchester United.
The Glazers, unpopular owners who purchased the club for £790 million in 2005, had announced in November 2022 their consideration of “strategic alternatives” to facilitate United’s growth.
Ratcliffe, along with Qatari banker Sheikh Jassim bin Hamad Al Thani, made offers in the realm of £5 billion for a complete takeover, falling short of the Glazers’ valuation.
While Sheikh Jassim withdrew from the process, Ratcliffe persisted in pursuing a minority shareholding.
Commercial Expertise Infused
Avram Glazer and Joel Glazer, executive co-chairmen and directors, highlight the wealth of commercial experience and substantial financial commitment brought by Jim Ratcliffe and INEOS into Manchester United.
Through INEOS Sport, the club is set to benefit from access to seasoned high-performance professionals with expertise in creating and leading elite teams, both within and outside the realm of football.
Ratcliffe’s group, with extensive involvement in sports ownership, holds French Ligue 1 club Nice, Swiss side Lausanne-Sport, and the INEOS Grenadiers cycling team.
Despite the infusion of commercial prowess, Manchester United’s on-field performance has struggled in recent times.
The club, without a Premier League title since 2013, currently sits eighth in the league, trailing leaders Arsenal by 12 points and facing eliminations from the League Cup and the Champions League.
The managerial position of Erik Ten Hag is likely to face scrutiny after failing to build on last season’s League Cup triumph, ending United’s six-year trophy drought.
The Manchester United Supporters Trust (MUST) expresses mixed feelings, acknowledging the investment from Jim Ratcliffe and INEOS while maintaining reservations about the Glazers’ continued control at Old Trafford.
MUST underscores the prolonged call for change amid years of debt, decay, and mismanagement, expressing hope for new investment and direction for the club.
“During 18 years of debt, decay and mismanagement, Manchester United fans have loudly and consistently called for change at our club,” MUST said in a statement.
“When the so-called strategic review was announced nearly a year ago, it finally appeared that the sale of the club was on the horizon, potentially bringing the new investment and new direction MUFC so clearly needs.
“Against that backdrop, fans have very mixed feelings today. We welcome the investment from a boyhood red, Sir Jim Ratcliffe and his INEOS company, but many will wish his ownership stake was greater.”
Ada Peter
