Man Utd announce Sir Jim Ratcliffe takeover completed as new era begins | Football | Sport
Manchester United have announced Sir Jim Ratcliffe’s takeover has been completed, as a new era begins at Old Trafford. An agreement was made between the Glazers and Ratcliffe – chairman of the INEOS Group – in December, which saw the British billionaire acquire a 25 per cent share.
United revealed on Christmas Eve that Ratcliffe had completed a deal to purchase a minority stake in the club, spending just over £1billion to do so. It represented a huge step forward for the 20-time English champions, who had previously been under the full control of the Glazer family.
The deal needed to gain approval from the Football Association and the Premier League before it could be officially completed, which was granted early last week. Now, with all aspects of the agreement having been given the green light, Ratcliffe’s minority takeover at Old Trafford is complete.
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 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.”
While 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.”
United said in their statement: “Following the closing of the Offer and the acquisition of the Class B shares, Sir Jim has invested $200million into the club for additional Class A and Class B shares via a primary issuance, resulting in ownership of approximately 27.7 per cent of the club’s Class A shares and 27.7 per cent of the club’s Class B shares, with a further $100million to be invested by 31 December 2024.
“These funds are intended to enable future investment in infrastructure at Old Trafford.”
Ratcliffe, backed by his cohort of trusted INEOS advisors, has wasted no time in revolutionising the club’s off-field structure. The first major appointment of the Ratcliffe era saw Omar Berrada drafted in from rivals Manchester City, with the Spaniard set to assume the role of CEO at United following a period of gardening leave.
Elsewhere, the Red Devils are pushing hard to bring Dan Ashworth to the club as their new sporting director, but Newcastle United have demanded a hefty compensation fee to free him from his contract. It’s hoped the impasse with Newcastle will be broken and Ashworth will end up joining Berrada in swapping a Premier League rival for a high-ranking position under Ratcliffe at United.
