In a groundbreaking development, Manchester United has officially revealed an agreement with INEOS Chairman Sir Jim Ratcliffe for the acquisition of up to a 25% stake in the club. The deal involves INEOS purchasing 25% of the Class B shares owned by the Glazer family, the longstanding owners of Manchester United since 2005. Additionally, a tender offer will be initiated by Ratcliffe’s company to acquire up to 25% of the Class A shares.
Under the terms of the agreement, both the Glazers and Class A shareholders are set to receive $33 per share. This strategic move signifies a significant financial commitment and the infusion of commercial expertise into the club, as stated by United co-chairmen Avram and Joel Glazer in an official statement. The Glazers also expressed their delight at finalizing the deal with Sir Jim Ratcliffe and INEOS.
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A notable aspect of the agreement is the entrustment of football operations management to INEOS. This includes overseeing the men’s and women’s teams, as well as the academies associated with Manchester United. Sir Jim Ratcliffe, a lifelong fan of the club, expressed his satisfaction with the deal, highlighting the responsibility granted to INEOS in managing the football operations.
The announcement comes at a crucial time for Manchester United, adding a new chapter to the club’s ownership and signaling a potential shift in its strategic direction. The infusion of commercial experience and substantial financial backing from INEOS marks a noteworthy development that could have far-reaching implications for the future trajectory of one of the world’s most iconic football clubs.
Source: Punch NG
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