It took 13 long and arduous months but Sir Jim Ratcliffe’s 25% stake in Manchester United, and sporting control to go with it, has been confirmed.
A statement confirming that the deal is now in place which reads-
Manchester United plc (NYSE: MANU), announces 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
The next hurdle for Sir Jim Ratcliffe to pass before he actually assumed control of footballing operations will be to pass the league’s test.
The Glazers, Joel and Avram, gave their thoughts (via official club website):
“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.”
It is not expected to be a problem for the INEOS chief but it will probably take a few weeks nonetheless.
Therefore, United fans should temper their expectations regarding a blockbuster January window now that INEOS has sporting control.
Still, it is a new dawn for United, especially if recent noise coming from the club is any indication.
The Peoples Person earlier reported that INEOS have successfully managed to remove any Glazer involvement in footballing matters, including their place in a committee for decision-making.
Furthermore, changes to the executive structure are on the horizon, with Jean-Claude Blanc expected to be confirmed as the CEO in Richard Arnold’s place.
Incumbent Director of Football, and hardly a popular figure among United fans for his numerous blunders, John Murtough’s future remains undecided.
Nonetheless, football people, like Dan Ashworth, for example, are expected to come in and streamline the scattergun recruitment policy of the club.
The Glazers still remain at the helm, but it is the first team towards a new era, and hopefully, complete removal in due time.
For now, fans can look forward to how a competent team runs a football club instead of businessmen whose only objective was to extract as much money as possible from the club while investing nothing.