Manchester United announced on Sunday that they had agreed to sell a 25% share in the club to Sir Jim Ratcliffe.
The INEOS chairman will spend roughly £1.3 billion in the minority holding and take over football operations at United, a move that has been hailed by supporters following years of dissatisfaction with the Glazers and their ownership of the club.
Furthermore, Ratcliffe is likely to pay a further $300 million (about £236 million) “intended to enable future investment into Old Trafford,” which may see the stadium’s capacity extended to 90,000 and the club’s training facilities improved.
Ratcliffe released a statement on Sunday, which read: “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,”
“While the club’s commercial success has ensured there have always been available funds to win trophies at the highest level,” he noted, “this potential has not been fully unlocked in recent times.”
“We will bring global knowledge, expertise, and talent from the INEOS Sport group to help drive further improvement at the club, while also providing funds to enable future investment in Old Trafford.”
“We are here for the long haul and recognize that there will be many challenges and hard work ahead of us, which we will meet with rigor, professionalism, and passion.” We are dedicated to collaborating with everyone at the club – the board, the staff, the players, and the fans – to help move the club forward.”
Ratcliffe, who is not anticipated to gain complete control of the club from the hated Glazers, also expressed his ambitions for the club.
“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,” added the former England captain.
“We are overjoyed to have reached this agreement with Sir Jim Ratcliffe and INEOS,” said executive co-chairmen and directors Avram Glazer and Joel Glazer in a statement.
“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.”
“Today might – just might – be a step forward for Manchester United after some very difficult years,” stated the Manchester United Supporters Trust in a statement. But, as long as the Glazers are in power, United fans will stay skeptical and wait for the proof in the pudding.”
