Manchester United have announced the 25% takeover by Sir Jim Ratcliffe, on an official statement via the club website.
The deal ends 13 months of negotiations and bids between the Glazer’s and interested parties. In the end, two parties remained and the Qatari’s, who wanted a full acquisition, were unsuccessful in their pursuit of the Manchester club.
A club statement read:
"“Manchester United plc (NYSE: MANU) announced today that it has entered into an agreement under which Chairman of INEOS, Sir Jim Ratcliffe, will acquire 25 per cent of Manchester United’s Class B shares and up to 25 per cent of Manchester United’s Class A shares and provide an additional $300 million intended to enable future investment into Old Trafford. "
"As part of the transaction, INEOS has accepted a request by the Board to be delegated responsibility for the management of the Club’s football operations. This will include all aspects of the men's and women's football operations and Academies, alongside two seats on the Manchester United PLC board and the Manchester United Football Club boards.“"Club statement
Before Ratcliffe is able to get his hands dirty, INEOS Sport will have to wait around 6 to 8 weeks for Premier League approval. Assuming so, this will make things official in February and plans for the next season will get underway to ensure that United do not have a failing season like the 2023/24 campaign from the backroom to the football pitch.
A Rama nd Joel Glazer also released a statement which read:
"“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."Glazers on Ratcliffe’s purchase
Ratcliffe’s team will now assess the mess that they inherit at United. With lots of talk over a new stadium, funds for the summer, a more streamlined transfer scouting system, John Murtough’s future and who the new sporting director/team will be, there will be plenty of food for thoughts over the coming months
Ratcliffe himself was also able to issue a statement on the takeover:
"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."Ratcliffe on takeover
Perhaps the last part of Ratcliffe’s sentence was the most effective for United fans:
"“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.”"Ratcliffe on ambitions