December 29 – The long-awaited sale of 25% of Manchester United to Sir Jim Ratcliffe’s Ineos Group for £1.03 billion has been completed.
The Glazer family – unloved by Manchester United fans – will retain control of the club though Ratcliffe’s Ineos group take over management of the club’s football operations and wll inject a further £300 million in cash into the club.
Ratcliffe is buying 25% of the club’s class B shares and up to 25% of its class A shares, which are listed on the New York Stock Market. The shares are worth $33 per share. The Glazer family will retain 69% of the club, and almost all the voting rights.
The deal ends more than a year of uncertainty after the Glazer family, said in November 2022 they were looking at strategic options for the club ownership.
The Glazers have come under heavy criticism from fans for the decline in the club’s performance since former manager Alex Ferguson retired in 2013 following a period of unprecedented success.
“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,” Ratcliffe, 71, said in a statement.
“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.”
Qatar’s Sheikh Jassim bin Hamad al Thani had also looking at buying the club but dropped out of the process.
Ratcliffe’s Ineos also owns French Ligue 1 club Nice and Swiss side FC Lausanne-Sport. In cycling Ratcliffe owns the Ineos Grenadiers team.
“Sir Jim and Ineos bring a wealth of commercial experience as well as significant financial commitment into the club,” United’s executive chairs Avram Glazer and Joel Glazer said. “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.”
Since Ferguson stepped down, United have had five permanent managers and three caretakers but failed to recapture the glory days, winning one FA Cup, two League Cup trophies and a Europa League title in 11 years despite heavy spending.
The Manchester United Supporters Trust (MUST) welcomed the investment from Ratcliffe but called for a meeting to discuss the way forward.
“We note the statements that he and his team will control sporting activities, yet puzzle how any organisation can put its very core business in the hands of a minority shareholder, and how that meaningfully works in practice,” MUST said in a statement.
“It is now incumbent on the club’s owners and management to properly explain how this new structure will work, where the new investment will be directed and how it will benefit the team on the field.”
United staged a stirring fightback to beat high-flying Aston Villa 3-2 on Boxing Day, their first home game since the Ratcliffe deal was announced, and moved up to sixth under Dutch coach Erik ten Hag. They then slumped to a 2-1 defeat away to Nottingham Forest with Ferguson and new sporting performance supremo and Ineos Director of Sport Sir Dave Brailsford (pictured right) seated together in the stands.
“We are here for the long term and recognise that a lot of challenges and hard work lie ahead,” Ratcliffe added. “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.”
Ineos will take two seats on the Manchester United PLC and Manchester United Football Club boards. John Reece, a shareholder of Ineos, and Rob Nevin, chairman of Ineos Sport will take seats on the main board while Brailsford and former Juventus and Paris St-Germain executive Jean-Claude Blanc.
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