Manchester United has announced that INEOS Chairman Sir Jim Ratcliffe is set to acquire a potential 25% stake in the club.
Under this agreement, Ratcliffe’s company will purchase 25% of the Class B shares currently held by the Glazer family, who have been owners of United since 2005.
Additionally, there will be a tender offer initiated by Ratcliffe to acquire up to 25% of the Class A shares.
The agreement stipulates that both the Glazers and the Class A shareholders will receive $33 per share.
In an intriguing aspect of the deal, INEOS will assume responsibility for overseeing Manchester United’s football operations.
This encompasses management duties related to the men’s and women’s teams, as well as the club’s academies.
“We are delighted to have agreed this deal with Sir Jim Ratcliffe and INEOS,” said United co-chairmen Avram and Joel Glazer in a statement.
“Sir Jim and INEOS bring commercial experience and significant financial commitment into the club,” they added.
Ratcliffe, a lifelong United fan, said he was “pleased” to reach an agreement that gives INEOS “management responsibility of the football operations.”
“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,” he stated.
