Ratcliffe secures 25% investment
INEOS Chairman Jim Ratcliffe has long been rumoured to be interested in buying an English soccer club. He was one of many potential suitors who stepped up to buy Chelsea when the British government forced Russian oligarch Roman Abramovich to sell the club. Chelsea ended up going to Todd Boehly and Clearlake Capital. Ratcliffe’s now put all that behind him, and he will be a part owner of Manchester United.
“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,” said Ratfliffe in a club statement.
Ratcliffe acquired his shares from the Glazer family, who put the club up for sale over a year ago. “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,” said Executive Co-Chairmen and Directors, Avram Glazer and Joel Glazer.
Ratcliffe takes control of soccer operations
While Ratcliffe has only acquired 25% of the club, he will very much have 100% control over soccer decisions. According to the Manchester United statement announcing the sale, INEOS has been “delegated responsibility for management of football operations.”
Avram Glazer and Joel Glazer said of the new arrangement that “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.”
This transaction is still subject to the Premier League’s approval, which could take up to eight weeks to get. It’s unclear who will be making the decisions at Manchester United until then.
What’s next for Manchester United
Investment into the club couldn’t have come at a better time for Manchester United. The club is having its worst season since 1930, and they are on a four-match goalless streak. If you ask any Manchester United fan, now is the time for change. Jim Ratcliffe, a Man U fan himself, agrees with this.
“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,” said Ratcliffe.
“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.”
