Ratcliffe to start rebuilding the Manchester United team.
The club announced on Tuesday that Sir Jim Ratcliffe has officially concluded the agreement to acquire a minority share of Manchester United.
The 71-year-old British businessman has purchased a 25% stake in the Premier League team for £1.03 billion ($1.3 billion).
Upon his initial investment of £158.47 million ($200 million), Ratcliffe’s ownership will rise to 27.7%. An additional £79.23 million ($100 million) will be invested by December 31, elevating Ratcliffe’s share to 28.9%.
Ratcliffe stated in a news release, “It is a great honor and significant responsibility to become a co-owner of Manchester United. While this transaction marks its completion, it signifies just the commencement of our journey to restore Manchester United to the pinnacle of English, European, and global football, along with providing our fans with world-class facilities.
“Efforts to attain these goals will now intensify,” Ratcliffe stated.
Last week, the Premier League and the Football Association sanctioned the deal, which was initially disclosed on Christmas Eve.
With the resolution of the remaining obstacles, Ratcliffe and his team, under the oversight of INEOS director of sport Sir Dave Brailsford, are now authorized to commence operations at Old Trafford.
While the Glazer family retains the majority ownership of the club, Ratcliffe and Brailsford will be responsible for overseeing football operations.
“I extend a warm welcome to Sir Jim as co-owner and eagerly anticipate collaborating closely with him and INEOS Sport to usher in a promising future for Manchester United,” stated Joel Glazer, the executive co-chairman of Manchester United.
Omar Berrada has already been enlisted from rival club Manchester City to assume the role of CEO in the summer, while the club has officially reached out to Newcastle regarding the potential appointment of Dan Ashworth as the new sporting director.
According to reports, United are also considering bringing in Southampton’s Jason Wilcox, who previously worked with Berrada at City, to join a revamped recruitment department.
Ratcliffe’s involvement marks the conclusion of an ownership saga at United that began in November 2022 when the Glazer family announced they were exploring “strategic alternatives.”
Ratcliffe, the owner and CEO of chemical giant INEOS, along with Qatari industrialist Sheikh Jassim bin Hamad Al Thani, both vied for controlling ownership of the club before the Glazers opted for Ratcliffe’s minority offer.
