Sir Jim Ratcliffe, a petrochemicals magnate worth $27 billiоn, has acquired a 27.7% stake in Manchester United via his INEOS conglomerate. This enables him to assume the Glazer family’s authority over football operations.
The agreement concludes the 15-month dispute that United have been engrossed in without the complete transfer that supporters had been requesting to end the Glazers’ 19-year reign.
Sir Jim remarked that co-ownership was “an immense privilege accompanied by immense accountability.”
“This marks the completion of the transaction, but just the beginning of our journey to take Manchester United back to the top of English, European and world football, with work-class facilities for our fans,” according to him.
“Efforts to accomplish those goals will gain momentum immediately,” the 71-year-old further stated.
In the interim, executive co-chairman Joel Glazer stated, “I am delighted to extend Sir Jim’s credentials as co-owner and look forward to collaborating closely with him and INEOS Sport in order to ensure a prosperous future for Manchester United.”
On the contrary, Sir Jim is spearheading a restructuring of a declining club, which will enter its eleventh consecutive Premier League season without adding to its record-setting twenty me𝚗’s league titles.
United has incurred expenses exceeding £1 billiоn in interest payments and dividends due to the American Glazer ownership, which financed the club by loading on debt.
The stadium Old Trafford requires modernization; therefore, its improvement is a top priority. In the twenty-first century, rivals Arsenal, Tottenham, and Manchester City have all relocated to new venues featuring improved amenities and increased revenue-generating potential.
However, United pounced to recruit a City executive, Omar Berrada, as their chief executive within weeks of Sir Jim provisionally consenting to his terms.
Additionally, United are interested in hiring Dan Ashworth as their sporting director; Newcastle placed the recruitment expert on gardening leave this week.
The proposal for partial ownership put forth by Sir Jim was favored over Sheikh Jassim bin Hamad al Thani’s endeavor to acquire the company in its entirety.
Early United supporter Sir Jim is spending $1.65 billiоn (£1.31 billiоn) on the transaction, which includes an initial investment of $200 million (£158 million) for the Old Trafford infrastructure and an additional $100 million (£79 million) by the end of the year.
United, which is still publicly traded on the New York Stock Exchange, informed investors that Sir Jim’s ownership of INEOS increases his wealth beyond his $4 billiоn in liquid assets.
The INEOS sports portfolio comprises football, sailing, and cycling organizations.
Due to European regulations prohibiting clubs with the same “decisive influence” owner from competing in the same European competitions, Nice’s ownership could be problematic. However, UEFA is considering easing the policy on multi-club ownership.
Sir Dave Brailsford, the INEOS director of sport and the mastermind behind Team GB’s golden Olympic cycling dominance, is expected to join the United board.
Sir Jim, who amassed his fortune while working for Esso’s parent company, the manufacturing firm Courtaulds, and participating in the acquisition of a BP chemicals firm to found Inspec, founded INEOS in 1998.