Sir Jim Ratcliffe has finally completed his partial takeover of Manchester United, ending a dragging takeover saga at Old Trafford.
Manchester United confirmed the approval the 71-year-old's bid for 25% ownership of the club in an official statement.
United club statement reads;
"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 we reported earlier, Sir Jim Ratcliffe will be incharge of Manchester United footballing operations, overseeing transfers, players and managers recruitment, including other football-related activities.
He will also take charge of the women's team, and will be task with transforming Man United sporting and footballing operations.
Details of the agreement as revealed by Manchester United are as follows;
Reacting to the development, Sir Jim Ratcliffe expressed his gratitude reaching an agreement with the club for partial ownership.
Ratcliffe added he and his INEOS team will be committed to returning the club to where it belongs among elite clubs in English, European, and world football.
“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.
“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.”
Executive Co-Chairmen and Directors, Avram Glazer and Joel Glazer said: “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.
“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."
Sir Jim Ratcliffe is a local boy and had testified to being a long time fan of Manchester United. The 71-year-old is the owner of Ligue 1 outfit Nice, which he manages through his INEOS Sports group.
Sir Jim saw off the competition from Sheikh Jassim to emerge as Manchester United partial owner. His offer did not resonate with Man United fans as Sheikh Jassim's.
However, when Sheikh Jassim withdrew from the bidding race, United fans banked on Sir Jim Ratcliffe to offer a break from the rot at Old Trafford under the watch of the Glazers.
The Glazers have been blamed for Manchester United misfortunes I er the years. United have declined over the years, especially after the exit of legendary manager Sir Alex Ferguson.
The club have been rocked with unceasing protests by fans who wanted the Glazers to end their 19 years on the reins.
On November 2022, the beleaguered American investors finally yielded to pressure and announced the decision to seek alternative funding through sale or strategic partnership to improve the fortunes of the club.
After a dragging bidding war, United fans will be happy the takeover process has been finally completed. However, it is hoped the Glazers will soon exit the reins totally for a full ownership by Sir Jim Ratcliffe.
Sir Jim reportedly pushed for a full takeover clause as part of the terms and conditions. As outlined by the aforementioned terms and conditions listed by Manchester United, it is obvious the Glazers must have struck out a full ownership clause in the nearest future.
Meanwhile, Sir Jim Ratcliffe's new role at Manchester United will be subjected to Premier League approval.
Manchester United confirmed the approval the 71-year-old's bid for 25% ownership of the club in an official statement.
United club statement reads;
"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 we reported earlier, Sir Jim Ratcliffe will be incharge of Manchester United footballing operations, overseeing transfers, players and managers recruitment, including other football-related activities.
He will also take charge of the women's team, and will be task with transforming Man United sporting and footballing operations.
Details of the agreement as revealed by Manchester United are as follows;
- Acquisition of 25% of the Class B shares held by the Glazer family
- Offer to acquire up to 25% of all Class A shares
- The Glazer family and Class A shareholders will receive the same price of $33.00 per share
- Further investment of $300 million in the Club
- INEOS delegated responsibility for management of football operations
- Completion of this deal is subject to receiving all necessary regulatory approvals including from the Premier League
Reacting to the development, Sir Jim Ratcliffe expressed his gratitude reaching an agreement with the club for partial ownership.
Ratcliffe added he and his INEOS team will be committed to returning the club to where it belongs among elite clubs in English, European, and world football.
“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.
“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.”
Executive Co-Chairmen and Directors, Avram Glazer and Joel Glazer said: “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.
“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."
Sir Jim Ratcliffe is a local boy and had testified to being a long time fan of Manchester United. The 71-year-old is the owner of Ligue 1 outfit Nice, which he manages through his INEOS Sports group.
Sir Jim saw off the competition from Sheikh Jassim to emerge as Manchester United partial owner. His offer did not resonate with Man United fans as Sheikh Jassim's.
However, when Sheikh Jassim withdrew from the bidding race, United fans banked on Sir Jim Ratcliffe to offer a break from the rot at Old Trafford under the watch of the Glazers.
The Glazers have been blamed for Manchester United misfortunes I er the years. United have declined over the years, especially after the exit of legendary manager Sir Alex Ferguson.
The club have been rocked with unceasing protests by fans who wanted the Glazers to end their 19 years on the reins.
On November 2022, the beleaguered American investors finally yielded to pressure and announced the decision to seek alternative funding through sale or strategic partnership to improve the fortunes of the club.
After a dragging bidding war, United fans will be happy the takeover process has been finally completed. However, it is hoped the Glazers will soon exit the reins totally for a full ownership by Sir Jim Ratcliffe.
Sir Jim reportedly pushed for a full takeover clause as part of the terms and conditions. As outlined by the aforementioned terms and conditions listed by Manchester United, it is obvious the Glazers must have struck out a full ownership clause in the nearest future.
Meanwhile, Sir Jim Ratcliffe's new role at Manchester United will be subjected to Premier League approval.
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