Manchester United and Sir Jim Ratcliffe, the chairman of INEOS have reached an agreement to acquire up to 25% shareholding in the company.
“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.” said the club
As part of the transaction, Sir Jim Ratcliffe will now delegate decisions pertaining both Men’s and Women’s football operations including two seats at the Manchester United PLC board and the Manchester United Football Club boards.
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“The joint ambition is to create a world-class football operation building on the Club’s many existing strengths, including the successful off-pitch performance that it continues to enjoy.” said the club.
Speaking after the news were the Executive Co-Chairmen and Directors, Avram Glazer and Joel Glazer who noted how delighted they were with the agreement.
“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.
Manchester United has talented people right across the Club and our desire is to always improve at every level to help bring our great fans more success in the future.”” they said