Sir Jim Ratcliffe has officially acquired 27.7 per cent ownership of Manchester United, as confirmed by the club.
The British billionaire’s investment of £1.25 billion makes him a minority owner of the Premier League giants.
This development concludes a 15-month period during which the Glazers, the previous owners, announced their intention to ‘explore strategic alternatives’ for the club.
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Sir Jim Ratcliffe’s ownership was approved by both the Premier League and the Football Association.
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As the chief of INEOS and already the owner of Ligue 1 club Nice, Ratcliffe has additionally pledged £236 million towards the future development of Old Trafford.
Furthermore, the 71-year-old and his team have been granted responsibility for the club’s football operations.
Despite Ratcliffe’s investment, the Americans retain majority control of Manchester United, choosing not to pursue a full sale.
Sir Jim Ratcliffe’s Recruitment
Before the official announcement, the new arrivals had assumed control of football operations at the club from the Glazers, the majority owners, and have quickly begun to make their impact felt.
They made a significant move by securing Manchester City’s Omar Berrada as the new chief executive.
Additionally, they have approached Newcastle United’s sporting director, Dan Ashworth, and are in the process of bringing in other new hires focused on recruitment and football performance.
Reportedly, Sir Jim Ratcliffe’s confidence in securing his desired candidate is so high that no alternative options have been considered for the role.
Additionally, Ratcliffe is accompanied on the revamped board by INEOS Sport CEO Jean-Claude Blanc and Sir David Brailsford, who serves as their director of sport.
These changes are expected to accelerate as the new management aims to rejuvenate Manchester United and propel them back to the summit of world football.
Sir Jim Ratcliffe said: “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.”
Meanwhile Executive Co-Chairman Joel Glazer 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.”
Sir Jim Ratcliffe Manchester United Terms
The terms of the deal grant Nice owner Ratcliffe first refusal and an opportunity to purchase additional shares for a 12-month period if the Glazers decide to sell more.
Ratcliffe, with an estimated net worth of £29.7 billion, intends to spearhead a rejuvenation of Manchester United’s playing squad to revive the club’s former glory.
As a lifelong United supporter, Ratcliffe has engaged in a series of meetings with club personnel and associates since his public introduction in January.
He has met with manager Erik ten Hag, leaders of the independent Manchester United Supporters’ Trust, and engaged with local authorities, including senior representatives of Trafford Council and Greater Manchester Mayor Andy Burnham.
Ratcliffe was also present at the Munich Air Disaster memorial earlier this month.
The deal received approval after the A Share tender offer closed.
The deadline for holders of Class A shares to tender them for sale was extended from February 14 to February 16.
The Glazers, United’s majority owners, effectively put the club up for sale in November 2022.
