Sir Jim Ratcliffe and INEOS’ minority stake in Manchester United confirmed

Sir Jim Ratcliffe and INEOS have completed their purchase of a minority stake in Manchester United.

United confirmed in December that a deal had been agreed for Ratcliffe to take a 25 per cent stake in the club, with the Glazer family diluting their shares, rather than leaving altogether. Ratcliffe’s petrochemicals company INEOS is buying an even split of Class B + Class A shares at $33 (£26) each for an overall cost of $1.3bn.

The 71-year-old said in January that he was hopeful his stake in United would be official by mid-February and following last week’s approval from the Football Association and the Premier League, his minority stake has now been finalised.

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 Manchester 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.”

Further reading on the new-look Manchester United

Joel Glazer, executive co-chairman, 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.”

In November, it was announced that Ratcliffe is committing $300million from his personal wealth for what a United statement described as “future investment” in the club. This financial injection is supplementary to Ratcliffe’s existing 25 per cent stake.

The $300m serves as an initial payment toward infrastructure enhancements, signifying INEOS’s enthusiasm to initiate a redevelopment process for United’s stadium, Old Trafford. It is hoped that the additional funds will also be used for other facility improvements.

A United statement read: “Following the closing of the offer and the acquisition of the Class B shares, Sir Jim has invested $200 million 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 December 31 2024. These funds are intended to enable future investment in infrastructure at Old Trafford.”

Despite Ratcliffe and INEOS having to wait for Premier League approval, they have already begun instigating change, with United pulling off a huge surprise by appointing Omar Berrada from Manchester City as their new chief executive.

A United statement, released after The Athletic had broken the news, said that Berrada’s appointment “represents the first step” of the club putting “football and performance on the pitch back at the heart of everything we do”.

Berrada was identified and pursued by INEOS but with endorsement from the Glazers in what has ultimately materialised as a joint decision.

INEOS CEO Jean-Claude Blanc and Sir David Brailsford, the firm’s director of sport who is formerly an executive at British Cycling , will join United’s board alongside Berrada. 

United have also begun their pursuit in appointing a sporting director after The Athletic reported that they had made Dan Ashworth their top target for the position. 

Ashworth has been placed on gardening leave after asking to depart Newcastle United. The matter, however, is complicated by the 52-year-old being under contract on Tyneside and that makes it likely Manchester United would need to pay significant compensation to secure his services, with Newcastle United wanting £20million.

United are willing to be patient because Ashworth is a long-term appointment and they do not want to be pressured into paying an unrealistic sum.

Ratcliffe, meanwhile, sat next to Sir Alex Ferguson for United’s Premier League draw against Tottenham Hotspur in January. The following day, he met with fan representatives and local community leaders to introduce himself and hear their perspectives. He also held a video meeting with the larger fans’ forum.

A statement from MUST said that Ratcliffe’s message was that “everything at United needs to be ruthlessly focussed on creating winning teams on the field — something we are sure all fans will agree on”.

United are next in action on Saturday against Fulham in the Premier League.

(Martin Rickett/PA Images via Getty Images)