Sir Jim Ratcliffe’s 27.7% buy-in at Manchester United has been officially completed. Confirmation of the Ineos owner’s purchase has been a formality since the announcement on Christmas Eve that his offer of a little more than £1bn for a quarter of the club had been accepted by the Glazers, the majority shareholders.
Ratcliffe, who has gained control of United’s football policy, completed his acquisition of 25% of the club’s Class B shares and 25% of the club’s Class A shares. The deal makes him the largest individual United shareholder.
Ratcliffe’s company Trawlers Limited – named after the famous Eric Cantona quote – was used for the purchase. The Premier League ratified Ratcliffe’s acquisition last week after he passed the owners’ and directors’ test and Football Association approval followed.
“To become co-owner of Manchester United is a great honour and comes with great responsibility,” said Ratcliffe.
“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 world-class facilities for our fans. Work to achieve those objectives will accelerate from today.”
Joel Glazer, United’s co-owner, said: “I would like to welcome Sir Jim as co-owner and look forward to working closely with him and Ineos Sport to deliver a bright future for Manchester United.”
Since Christmas Eve, Ratcliffe has been helped at United by Sir Dave Brailsford and Jean-Claude Blanc, who now join him on United’s board. Their first significant move was to recruit Omar Berrada, Manchester City’s chief operating officer, to become United’s next chief executive. Berrada takes up the role in the summer, replacing Richard Arnold, who departed last year.
Dan Ashworth, Newcastle United’s sporting director, was next targeted to lead United’s football department, replacing John Murtough, and has agreed to join. Ashworth has been placed on gardening leave with the Tyneside club seeking £20m in compensation.
Erik ten Hag’s future as United manager is in the balance. After a poor first half of the season, the Dutchman is overseeing a turnaround. United are unbeaten in seven games, winning six, most recently away at Luton.
Any decision will be taken after Ratcliffe’s structural review of the club. He is intent on a revamp of Old Trafford or the construction of a new stadium on the current site.
