Manchester United have confirmed that INEOS Chairman Sir Jim Ratcliffe has acquired up to a 25 per cent share of the club.
Ratcliffe’s company bought the 25 per cent of the Class B shares held by the Glazers family. He is also expected to initiate a tender offer to buy up to 25 per cent of the Class A shares.
INEOS will be given the responsibility to manage United’s football operations including the men’s and women’s football teams and academies as part of the deal.
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.”
United’s executive co-chairmen and directors, Avram Glazer and Joel Glazer, said: “Sir Jim and INEOS bring a wealth of commercial experience as well as significant financial commitment into the club.
“Through INEOS Sport, Manchester United will have access to seasoned high-performance professionals, experienced in creating and leading elite teams from both inside and outside the game.
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“Manchester United has talented people right across the club and our desire is to always improve at every level to help bring our great fans more success in the future.”
INEOS sport group already owns OGC Nice in France and Swiss club Lausanne.
Ratcliffe is expected to delegate his seats on the PLC board to John Reece, a shareholder of Ineos, and Rob Nevin, chairman of Ineos Sport.
INEOS will also get two seats on the Manchester United PLC and Manchester United Football Club boards.
The Red Devils have struggled for form this season, losing 20 games in all competitions to put Erik Ten Hag under pressure.
The Glazers and the Class A shareholders will receive $33 per share as part of the agreement.
Ratcliffe will also provide $300m (£236m) for future investment into the club’s Old Trafford stadium.
The 71-year-old is a lifelong Manchester United supporter and he has promised to bring global expertise and talent from the INEOS sports group to the club.
Ratcliffe said: “We will bring the global knowledge, expertise and talent from the wider Ineos Sport group to help drive further improvement at the club, while also providing funds intended to enable future investment into Old Trafford.
“We are here for the long term and recognise that a lot of challenges and hard work lie ahead, which we will approach with rigour, professionalism and passion. We are committed to working with everyone at the club – the board, staff, players and fans – to help drive the club forward.