On Tuesday, Manchester United announced that Sir Jim Ratcliffe had officially completed the acquisition of a minority stake in the club.
The 71-year-old British billionaire has purchased 25% of the Premier League club in a deal valued at £1.03 billion ($1.3 billion).
Ratcliffe’s initial investment of £158.47 million ($200 million) will be exchanged for shares, bringing his total ownership to 27.7%. Additionally, he plans to invest an additional £79.23 million ($100 million) by December 31, further increasing his stake to 28.9%.
“To become co-owner of Manchester United is a great honour and comes with great responsibility,” Ratcliffe said in a news release. “This marks the completion of the transaction, but just the beginning of our journey to take Manchester United back to the top of English, European and world football, with world-class facilities for our fans.
“Work to achieve those objectives will accelerate from today.”
Ratcliffe’s minority stake, valued at approximately £1.03 billion, has received approval from the Premier League and the Football Association, following its announcement on Christmas Eve.
With the final details now resolved, Ratcliffe and his team, led by INEOS director of sport Sir Dave Brailsford, are poised to commence their official duties at Old Trafford.
Although the Glazer family will retain majority ownership of the club, Ratcliffe and Brailsford will assume responsibility for football operations as part of the agreement.
“I would like to welcome Sir Jim as co-owner and look forward to working closely with him and INEOS Sport to deliver a bright future for Manchester United,” Joel Glazer, Manchester United executive co-chairman, said.
Omar Berrada has been lured away from rival Manchester City to serve as CEO of Manchester United starting in the summer. Additionally, the club has initiated formal discussions with Newcastle regarding the potential appointment of Dan Ashworth as their new sporting director.
According to sources from ESPN, Manchester United is also considering adding Jason Wilcox from Southampton to their recruitment department. Wilcox, who previously worked alongside Berrada at Manchester City, is being eyed for a role in the department’s overhaul.
Ratcliffe’s deal brings to an end an ownership saga at United that began in November 2022 when the Glazer family announced they were considering “strategic alternatives.”
Ratcliffe, owner and CEO of chemical company INEOS, and Qatari businessman Sheikh Jassim bin Hamad Al Thani both submitted bids for majority ownership of the club before the Glazers settled on accepting Ratcliffe’s minority offer.