by Sir Jim Ratcliffe has vowed to return Manchester United to the “top of English, European and world football” after agreeing a £1.25billion deal to buy a 25 per cent stake in the club.
The Old Trafford outfit announced on Christmas Eve that the chairman of INEOS, which will take on delegated responsibility for football operations, “subject to routine regulatory approvals”, had agreed to invest US dollars 300 million – more. than £236million – to overhaul the club’s debt-ridden infrastructure.
However, youth fan Ratcliffe’s pledge to put United “back where we belong” will prompt fans who have been in open rebellion against owners the Glazer family, who launched a strategic review of the business in November last year.
Ratcliffe said: “As a local boy and lifelong supporter of the club, I am delighted that we have reached an agreement with the Manchester United board to delegate to us the responsibility of managing the football operations of the club.
“While the club’s commercial success has ensured that funds have always been available to win trophies at the highest level, this potential has not been fully realized in recent times.
“We will bring the global knowledge, expertise and talent from the wider INEOS Sport group to help drive further improvement at the club, while providing funds to enable future investment in Old Trafford.
“We are here for the long term and we recognize that there are many challenges and hard work ahead of us, and we will tackle them with intensity, professionalism and passion. We are committed to working with everyone at the club – the board, staff, players and fans – to help drive the club forward.
“Our shared ambition is clear: we all want to see Manchester United back where we belong, at the top of English, European and world football.”
Under the agreement, INEOS will acquire 25 percent of the Class B shares owned by the Glazers and will offer up to 25 percent of the Class B shares at USD33 each in a deal that will not add to the club’s current debt.
In addition, it will inject USD200million – £158million – upon completion to upgrade Old Trafford and a further USD100million – £79million – by the end of 2024, taking its total investment to around £1.25billion.
Co-chairmen and executive directors Avram Glazer and Joel Glazer, who announced a strategic review 13 months ago, said: “We are delighted to have agreed this deal with Sir Jim Ratcliffe and INEOS.
“As part of the strategic review we announced in November 2022, we committed to looking at different options to help improve Manchester United, with a focus on achieving success for our men’s, women’s and academy teams.
“Sir Jim and INEOS bring a wealth of commercial experience as well as significant financial commitment to the club. And, through INEOS Sport, Manchester United will have access to high-performance professionals experienced in building and leading elite teams both inside and outside the game.
“Manchester United has talented people across the club and we are always looking to improve at every level to better serve our fans in the future.”
Ratcliffe has been engaged in a long battle with Qatari businessman Sheikh Jassim after it became clear that the club – or eventually part of it – could be for sale.
Sheikh Jassim withdrew her bid for full control in October and there was little sign of a long-running saga coming to a conclusion until Ratcliffe’s focus shifted to the pursuit of a significant minority stake.
United announced the deal at 4pm on Sunday in a statement which said: “The shared ambition is to create a world-class football operation that builds on the club’s many strengths, including the successful off-field performance it continues to deliver enjoying it. “
It is understood the Premier League’s approval of Ratcliffe’s investment could take between four and six weeks.
The Red Devils have not lifted the Premier League trophy since 2012-13, Sir Alex Ferguson’s last season in charge, and last won the Champions League in 2008.
The Manchester United Supporters’ Trust welcomed the INEOS investment confirmation.
A statement read: “Today could – could – be a step forward for Manchester United after some very difficult years. But with the Glazers still in charge, people should understand that United fans will remain skeptical and wait for the proof in the pudding.
Manchester United 2023 was an embarrassment until the end. This is absolutely horrible and no functioning organization would even consider it. Anyway best of luck to Jim Radcliffe and I hope he can work out a way to get the club right again and again…
— Gary Neville (@GNev2) December 24, 2023
Former United defender Gary Neville was not impressed with the timing of the announcement.
“Manchester United 2023 ended up being a shame,” he wrote on X.
“The timing of this is absolutely horrible and no functioning organization would even consider it.
“Anyway all the best to Jim Ratcliffe and I hope he can somehow work out a way to get the club back on track and back to being something respectable on and off the pitch .”
