Manchester United has officially announced the sale of a 25 percent stake to Jim Ratcliffe, with INEOS being entrusted to oversee the football operations.
On Sunday, December 24, Manchester United officially announced that a minority stake in the football club has been acquired by British billionaire Jim Ratcliffe, the owner of the petrochemicals giant INEOS. Additionally, Ratcliffe will assume responsibility for overseeing the football operations of the esteemed Premier League giants.
In brief, Manchester United has announced the acquisition of a 25 percent stake by Sir Jim Ratcliffe, a prominent British billionaire and the chairman of INEOS. As the owner of one of the leading petrochemical companies globally, Ratcliffe’s involvement will extend to overseeing the club’s football operations. The deal, valued at $33 per share, also includes an additional investment of $300 million from Ratcliffe to support future endeavors at Old Trafford.
INEOS has agreed to take on the responsibility of managing the football operations of the Club as part of the transaction. This includes overseeing all aspects of the men’s and women’s football operations, as well as the Academies. Additionally, INEOS will have two seats on both the Manchester United PLC board and the Manchester United Football Club boards. The Glazer family, who have been in control of the club since 2005, will retain a significant portion of the equity and continue to have overall control, while Ratcliffe becomes a minority shareholder. This development comes after Sheikh Jassim bin Hamad al Thani of Qatar, who had expressed interest in purchasing the club, withdrew from the bidding process.
Jim Ratcliffe, a prominent figure in the UK’s wealth hierarchy, will undoubtedly attract significant attention as he assumes the responsibility of making pivotal decisions, including those concerning the fate of Erik Ten Hag. The Dutch coach has faced difficulties in meeting the high expectations placed upon him, and the current season has witnessed Manchester United’s premature exit from the Champions League during the group stage. Presently, Manchester United occupies the 8th position in the league standings, having accumulated 28 points from 18 matches. Their most recent outcome was a disappointing 0-2 loss against West Ham United.
Jim Ratcliffe, a lifelong supporter of Manchester United, expressed his delight after becoming a minority shareholder of the club. He acknowledged that the team has not been able to reach its full potential in recent years, with their last league title being won in the 2012-13 season. Since the departure of Sir Alex Ferguson, the club has struggled to find consistent success under various managers, including Jose Mourinho and Louis van Gaal.
“As someone who grew up in the local area and has supported Manchester United throughout my life, I am extremely pleased that we have reached an agreement with the Manchester United Board, granting us management responsibility for the club’s football operations. Despite the club’s commercial success, which has provided ample resources to compete for top honors, we have not fully realized our potential in recent times.
We will utilize the extensive knowledge, expertise, and talent within the broader INEOS Sport group to facilitate further progress at the Club. Additionally, we will provide financial resources aimed at supporting future investments in Old Trafford.
Our commitment to the Club is unwavering, and we acknowledge the numerous challenges and hard work that lie ahead. We will approach these endeavors with utmost rigor, professionalism, and enthusiasm. Our objective is to collaborate with all stakeholders at the Club – including the Board, staff, players, and fans – to propel the Club forward.
The collective aspiration is evident: we all share the desire to witness Manchester United reclaim its rightful place at the pinnacle of English, European, and global football,” he emphasized.
This strategic partnership has been met with cautious optimism from both fans and stakeholders. While some supporters remain cautious about the continued involvement of the Glazers, others are hopeful that Ratcliffe’s influence and financial commitment will usher in a new era of success for Manchester United. Ratcliffe’s successful track record with INEOS, renowned for its business acumen and expertise in high-performance sports, suggests that he can bring invaluable knowledge to the club’s operations.
