Sir Jim Ratcliffe has acquired 25 per cent of Manchester United and taken control of football operations.
An announcement finally came on Christmas Eve, bringing an end to 13 months of talks about a potential takeover of the Old Trafford club.
Ratcliffe is acquiring the interest for $33-a-share (£26) in a deal that “will include all aspects of the men’s and women’s football operations and academies” for his INEOS group, a statement said.
It is expected Sir Dave Brailsford – INEOS director of sport – and Jean-Claude Blanc – CEO of INEOS Sport and a former executive at Juventus and Paris St-Germain – will have seats on the Manchester United club board.
The deal, which comes amid a torrid season for United on the pitch, is still to be approved by the Premier League – a process expected to take between six and eight weeks.
There is no formal agreement for Ratcliffe to buy any of the Glazers’ shares in the future but the Ineos chairman has the right of first refusal on any they sell in the future.
Ratcliffe will inject $300m (£237m) into the club for investment in its infrastructure, taking his immediate outlay to roughly $1.5bn (£1.2bn).
Through Ratcliffe’s INEOS Sport, United said they “will have access to seasoned high-performance professionals, experienced in creating and leading elite teams from both inside and outside the game”.
What changes will Ratcliffe make?
Ratcliffe is aiming to have big say in how United is run before the transfer window opens in January, with Paul Mitchell in line to become the club’s new sporting director, a role he currently performs at Monaco, having headed up recruitment at Southampton, Tottenham and RB Leipzig.
Jean Claude Blanc – CEO of INEOS Sport and a former executive at Juventus and Paris St-Germain – is under consideration to be chief executive, while cycling mastermind Dave Brailsford will also have a key role at United after carrying out an audit of club operations and transfer business.
Sky Sports News understands Erik ten Hag’s position as head coach is not under immediate threat, but the Dutchman knows results need to improve.
Image: Sir Dave Brailsford’s record in cycling
United’s home is likely to need far more than £245m to deliver the overhaul that is required to turn it into one of the world’s elite football stadia once more.
The redevelopment will be financed personally by the billionaire and will not add to Manchester United’s existing borrowings.
Ratcliffe: We will bring the global knowledge, expertise and talent
Sir Jim Ratcliffe:
“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.
“We are here for the long term and recognize 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.
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.”
Who actually runs Man Utd now?
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Timeline of Man Utd takeover process
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Neville: How must Man Utd staff feel ahead of Ratcliffe arrival?
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Carragher: If you want to watch Man Utd play well, go to UKTV Gold.
Sky Sports pundit Jamie Carragher on The Gary Neville Podcast:
“I think with Jim Ratcliffe coming in – no club has a divine right to win anything, but you have got to make Manchester United box office again.
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