Sir Jim Ratcliffe has vowed to return Manchester United to “the very top of English, European and world football” after agreeing a £1.25bn deal to buy a 25 per cent stake in the club.
The Old Trafford outfit announced on Christmas Eve that the INEOS chairman, who will take responsibility for football operations, had signed a deal that would also see it invest US$300 million, “subject to customary regulatory approvals”. More than £236 million to upgrade the debt-laden club’s infrastructure.
But it is boyhood fan Ratcliffe’s pledge to get United “back to where we belong” that will excite fans in open rebellion against owners the Glazer family, who launched a strategic review of the business in November last year.
Manchester United have agreed for INEOS Chairman Sir Jim Ratcliffe to acquire up to a 25% stake in the Company.#MUFC
– Manchester United (@ManUtd) December 24, 2023
Ratcliffe said: “As a local boy and lifelong supporter of the club, I am delighted that we have been able to reach an agreement with the Manchester United board that transfers management responsibility for the club’s football operations to us.
“While the club’s commercial success has ensured that there are always sufficient funds available to win trophies at the highest level, this potential has not been fully realized in recent times.
“We will bring global knowledge, expertise and talent from the wider INEOS Sport group to help drive further development at the club, while also providing funds to enable future investment at Old Trafford.
“We are here for the long term and recognize that there are many challenges and hard work ahead of us, which we will approach with rigor, professionalism and passion. We are committed to working with everyone at the club – board, staff, players and fans – to help move the club forward.
“Our common ambition is clear: we all want to see Manchester United back where we belong, at the top of English, European and world football.”
Under the agreement, INEOS will purchase 25 percent of the Class B shares held by the Glazers and bid for up to 25 percent of the Class B shares at US$33 each, in a deal that will not increase the club’s existing debt.
In addition, it will inject $200 million (£158 million) into improving Old Trafford once completed and a further $100 million (£79 million) by the end of 2024, bringing its total investment to around £1.25 billion.
Announcing the strategic review 13 months ago, executive co-chairmen and directors Avram Glazer and Joel Glazer said: “We are delighted to agree this agreement with Sir Jim Ratcliffe and INEOS.
“As part of the strategic review we announced in November 2022, we have committed to looking at a range of alternatives to help improve 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 a significant financial commitment to the club. And through INEOS Sport, Manchester United will have access to high-performance professionals experienced in building and managing elite teams both within and outside the game.
“There are talented people all around the Manchester United club and our ambition is to improve at every level to help deliver further success for our wonderful fans in the future.”
Ratcliffe found himself in a long battle with Qatari businessman Sheikh Jassim after it emerged the club, or parts of it, could be up for sale.
Sheikh Jassim withdrew his bid for full control in October in a long-running saga that showed little sign of coming to a conclusion until Ratcliffe’s focus shifted to pursuing a significant minority stake.
The deal was announced by United at 4pm on Sunday, saying: “The shared aim is to create a world-class football operation, building on the club’s many existing strengths, including the successful off-field performance it continues to have. ”
The Red Devils have not lifted the Premier League trophy since Sir Alex Ferguson’s last season in 2012-13 and last won the Champions League in 2008.
Confirmation of INEOS’ investment was cautiously received by the Manchester United Supporters Trust.
The statement said: “Today could – and could – be a step forward for Manchester United after some very difficult years. But with the Glazers in charge, people must understand that United fans will remain skeptical and will be waiting for the proof in the pudding.”
Manchester United are a disgrace until the end of 2023. The timing of this is truly terrible and no functioning organization would even consider it. Anyway, best wishes to Jim Radcliffe and I hope he can somehow find a way to get the club back to its former glory…
— Gary Neville (@GNev2) December 24, 2023
Former United defender Gary Neville was less than impressed with the timing of the announcement.
He wrote to X: “Manchester United are a disgrace until the end of 2023.”
“The timing of this is truly awful and no functioning organization would even consider it.
“Anyway, I wish Jim Ratcliffe all the best and I hope he can find a way to get the club back on track and make it something respectable on and off the pitch.”