Sir Jim Ratcliffe completes partial takeover of Manchester United
The billionaire businessman is taking control of the club's footballing affairs
Last updated 24th Dec 2023
Manchester United have confirmed the sale of a 25% stake in the club to billionaire businessman Sir Jim Ratcliffe.
He is due to take control of the club's footballing affairs once the move receives Premier League approval.
Sir Jim is due to invest in the club's infrastructure, a move that will be welcomed by supporters who have criticised the state of the Old Trafford stadium.
It comes 13 months after the launch of a review initiated by the current owners, the Glazer family.
Manchester United sit eighth in the Premier League table after suffering a 2-0 defeat to West Ham United yesterday (23 December).
Executive Co-Chairmen and Directors, Avram Glazer and Joel Glazer 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 look at a variety of alternatives to help enhance Manchester United, with a focus on delivering 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 into the Club. And, through INEOS Sport, Manchester United will have access to seasoned high-performance professionals, experienced in creating and leading elite teams from both inside and outside the game. Manchester United has talented people right across the Club and our desire is to always improve at every level to help bring our great fans more success in the future.”
INEOS Chairman, Sir Jim Ratcliffe, said:
"As a local boy and a lifelong supporter of the Club, I am very pleased that we have been able to agree a deal with the Manchester United Board that delegates us management responsibility of the football operations of the Club. Whilst the commercial success of the Club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked 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 also providing funds intended to enable future investment into Old Trafford.
“We are here for the long term and recognise that a lot of challenges and hard work lie ahead, which we will approach with rigour, 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 very top of English, European and world football.”
The transaction is subject to customary regulatory approvals and all parties are hopeful it will be completed as soon as possible.
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