Manchester, UK – In a landmark transaction reshaping the ownership landscape of English football, Manchester United plc announced today a definitive agreement with Sir Jim Ratcliffe, Chairman of INEOS, for acquiring a substantial shareholding in the iconic football club. The deal, which has been eagerly anticipated by fans and market analysts alike, will see Sir Jim Ratcliffe acquire up to 25% of Manchester United’s Class B and Class A shares.
The acquisition, valued at $33.00 per share, involves the purchase of 25% of the Class B shares currently held by the Glazer family and an offer to acquire up to 25% of all Class A shares. This move represents a significant shift in the club’s ownership structure, historically dominated by the Glazer family since their takeover in 2005.
In addition to the share acquisition, Sir Jim Ratcliffe has committed a further $300 million investment into the club. This investment is earmarked for the redevelopment of the club’s infrastructure, particularly Old Trafford, enhancing the stadium’s facilities to match global standards. The investment plan includes an initial payment of $200 million upon the transaction’s closure, followed by an additional $100 million by the end of 2024.
A significant aspect of this agreement is the delegation of management responsibility for football operations to INEOS. This move is expected to bring a fresh perspective and professional approach to the club’s men’s and women’s football operations, including the academies. INEOS’s track record in sports management, particularly with their investments in Formula 1 (INEOS Grenadiers) and sailing (INEOS Team UK), has been a key factor in this decision.
The joint ambition of Manchester United and INEOS is to build a world-class football operation, leveraging the club’s already successful off-pitch performance. The Glazer family expressed their enthusiasm for this partnership, highlighting Sir Jim and INEOS’s commercial experience and commitment to success at all levels of the club’s operations.
Sir Jim Ratcliffe, a lifelong Manchester United supporter, emphasized his commitment to unlocking the club’s potential, which he believes has not been fully realized in recent times. His long-term vision includes integrating global knowledge and expertise from INEOS Sport to drive improvement across the club, aligning with the aspirations of fans and stakeholders to see Manchester United return to the pinnacle of English, European, and world football.
This transaction is subject to receiving all necessary regulatory approvals, including from the Premier League. All parties involved are hopeful for a swift completion process.
Under the terms of the transaction, Trawlers Limited, a company wholly owned by Sir Jim Ratcliffe, will be responsible for the funding of the acquisition and investment, without any debt financing involved. The approval of Manchester United plc’s Board of Directors and a recommendation for shareholders to tender their shares in the offer have been secured.
The agreement also necessitates an amendment to the Articles of Association of Manchester United plc to permit the transfer of Class B shares. This transaction is a major step in Manchester United’s strategic review announced in November 2022, aimed at enhancing the club’s performance on and off the pitch.
As the football world watches closely, this transaction could mark the beginning of a new era for Manchester United, combining the club’s rich heritage with modern sports management and substantial financial backing to regain its status as a leading force in global football.
