Manchester United plc has announced a significant agreement, with Sir Jim Ratcliffe, Chairman of INEOS, set to acquire a quarter of the Class B shares and up to 25% of the Class A shares of the club. As part of the deal, INEOS, under Sir Jim Ratcliffe, will inject an additional $300 million, earmarked for future investments in Old Trafford.
In a noteworthy development, INEOS will now assume responsibility for the management of football operations at Manchester United. Avram Glazer and Joel Glazer expressed their satisfaction with the deal, highlighting the wealth of commercial expertise and substantial financial commitment that Sir Jim Ratcliffe and INEOS bring to the club. Through INEOS Sport, the club aims to benefit from seasoned high-performance professionals with experience in leading elite teams.
Sir Jim Ratcliffe conveyed a clear message to Manchester United fans, emphasizing a shared ambition to see the club return to the pinnacle of English, European, and global football. As a local supporter, he expressed his pleasure at the agreement, which grants INEOS management responsibility for football operations.
Acknowledging the club's commercial success, Sir Jim Ratcliffe recognized untapped potential in recent times. He pledged to leverage the global knowledge, expertise, and talent within the wider INEOS Sport group to drive improvement at the club. The long-term commitment includes providing funds for future investments in Old Trafford.
INEOS is set to initiate changes, working on a new board structure that includes the addition of Jean Claude Blanc and Sir Dave Brailsford. Further developments, including a new director, a revised transfer strategy, and a different plan for 2024, are expected to unfold gradually. While challenges lie ahead, the commitment is marked by rigor, professionalism, and passion, with the aim of collaborating with everyone at the club to drive it forward.
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