Agreement between the English club and the CEO of INEOS provides for an investment of 300 million dollars (around 272 million euros) “intended to allow future investment in Old Trafford”. Ratcliffe will assume responsibility for all management of football operations.
British billionaire Jim Ratcliffe secured a 25% stake in Manchester United, the club announced on Sunday, in a long-awaited outcome after, in November 2022, the Glazer family made it known that they were studying strategic options for the club.
The deal is estimated to be worth 1.25 billion pounds (around 1.4 billion euros), English media reported, with United’s owners and class A shareholders receiving 33 pounds (around 38 euros) per share.
Highlighted in the agreement between the English club and the CEO of INEOS, a chemical industry multinational with a growing presence in football, is an investment of 300 million dollars (around 272.37 euros) “intended to enable future investment in Old Trafford”, more precisely in infrastructures, one of Cristiano Ronaldo’s targets, remember.
Jim Ratcliffe, through INEOS, will assume responsibility for all management of football operations.
“As part of the transaction, INEOS accepted a request from the Board of Directors to be delegated responsibility for managing the club’s football operations. This will include all aspects of men’s and women’s football operations and the Academies, along with two seats on the board of Manchester United PLC and the boards of Manchester United Football Club”, is detailed in the statement published on the English club’s page on Sunday and replicated by INEOS.
The transaction will be financed by Trawlers Limited, a company 100% owned by Ratcliffe.
In February, the 71-year-old businessman had made an offer to purchase 69% of Manchester United – the percentage held by the Glazer family – but agreed to become a minority shareholder.
The deal is subject to Premier League approval.
“As a Manchester person and lifelong supporter of the club, I am delighted that we have been able to reach an agreement with Manchester United management that delegates responsibility for managing the club’s football operations to us. While the club’s commercial success has ensured that there has always been funds available to win trophies at the highest level, this potential has not been fully unlocked in recent times,” said Ratcliffe, quoted in the press release.
In Ratcliffe’s words, the INEOS Sport group will provide “broader global knowledge, experience and talent to help drive further improvements at the Club, whilst also providing funds to enable future investment at Old Trafford”.
INEOS thus reinforces its presence in the world of sport, holding a growing portfolio of investments in projects in football, cycling, Formula 1, athletics and sailing. In 2019, he took control of the French club Nice for 100 million euros. In Formula 1, in 2020, he acquired a one-third stake in the Mercedes team.
Avram Glazer and Joel Glazer, mentioned in the club’s statement, were “very pleased” with the “agreement with Sir Jim Ratcliffe and INEOS”. “As part of the strategic review we announced in November 2022, we committed to analyzing a range of alternatives to help improve Manchester United, with a focus on the success of our men’s, women’s and Academy teams”, they justify.
The agreement sheds some light on the Glazer family’s plans for the club, which have been heavily criticized by fans given the decline in performance since Alex Ferguson left command of the Red Devils in 2013.
Last year, several media outlets reported that the Glazer family was looking for new investors, without, however, giving up full control of Manchester United’s capital, valued at around 5 billion pounds. Sheikh Jassim Hamad Al Thani, son of the Emir of Qatar, was another of the names interested in acquiring the club, but saw his proposal of 5 billion pounds (5.6 billion euros) rejected by the Glazers.
“Sir Jim and INEOS bring a wealth of commercial experience as well as a significant financial commitment to the club. And, through INEOS Sport, Manchester United will have access to high-performance professionals with experience in creating and leading elite teams, both in and out of the game. Manchester United has talented people across the club and our desire is to continually improve at every level to help bring more success to our great fans in the future”, conclude the club’s co-chief executives and directors, who acquired the club for less of one billion euros in 2005, mentioned in the statement.
Regarding the announcement of funds for investment in infrastructure, it is important to remember the words of Cristiano Ronaldo who, last year, when he left the “Red Devils”, criticized the lack of investment in infrastructure and technology, accusing the administration led by the family Glazer of “not caring about the sporting aspect” and of making United “a marketing club”.
“Manchester United belongs to the fans and they have to know that the infrastructure is not good and they have to change. If they don’t change, the club won’t be where it was in the ‘era’ of Alex Ferguson and [o antigo diretor-executivo] David Gill”, said the Portuguese international in November in an interview with Piers Morgan.
2023-12-25 17:00:00
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