Sir Jim Ratcliffe is now a co-owner of Manchester United.
The petrochemicals billionaire and lifelong United fan has officially taken a quarter share in the club after his investment was officially confirmed.
Ratcliffe and his INEOS group have paid more than £1billion for 27.7 per cent, which will rise to close to 30 per cent following a further £238million injection into the Premier League giants.
Ahead of the announcement, the new arrivals had effectively taken control of footballing operations at the club from majority owners the Glazers and have swiftly gone about making their mark.
Following a swoop for Manchester City’s Omar Berrada, who will become new chief executive, an approach has been made for Newcastle United’s sporting director Dan Ashworth and other new hires focusing on recruitment and football performance are expected in the near future.
Sir Jim Ratcliffe and INEOS have completed their minority investment in Manchester United
Ratcliffe (left) visited Erik ten Hag and his Manchester United squad at Carrington in January
He now takes control of football operations at Old Trafford after completing the investment
Manchester United is pleased to confirm that Sir Jim Ratcliffe has completed his 27.7% acquisition of the club, following approval of all conditions, including the FA and the Premier League.#MUFC
— Manchester United (@ManUtd) February 20, 2024
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Those changes are now likely to gather pace as they seek to restore United to the top of world football.
Ratcliffe said: ‘To become co-owner of Manchester United is a great honour and comes with great responsibility.
‘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.’
Meanwhile, executive co-chairman Joel Glazer added: ‘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.’
The deal finally got the go-ahead after the A Share tender offer closed.
The period in which holders of Class A shares can tender them for sale had been extended from February 14 until 23:59 on February 16.
United’s majority owners, the Glazers, effectively put the club up for sale in November 2022.
After a long drawn-out saga, where it was uncertain whether Ratcliffe’s bid would see of competition from Qatar’s Sheikh Jassim bin Hamad Al Thani – the INEOS owner’s £1.3bn investment was announced on Christmas Eve.
The Premier League board reviewed and approved Ratcliffe after the lifelong United fan passed the Owners’ and Directors’ Test and signed the owner’s charter.
Now Ratcliffe has officially taken control of football operations, he has the option to buy more Class B shares from the Glazers, should they decide to sell more.
Meanwhile, United and Newcastle are expected to reach an agreement over Ashworth in the coming days, Mail Sport understands.
A formal approach from Man United is being prepared for the sporting director and a swift conclusion is the preference of all parties.
Mail Sport understands Ashworth wants to swap St James’ Park for Old Trafford and, if a compensation package is agreed, there is likely to be movement in the coming days, even though a lengthy period of gardening leave is probable.
It’s reported that Ratcliffe is so confident of getting his man that no alternatives have been contacted for the role.
Ratcliffe is joined on a new-look board by INEOS Sport CEO Jean-Claude Blanc and Sir David Brailsford, their director of sport.
Man United are hoping to secure the services of Newcastle’s sporting director Dan Ashworth
Ratcliffe sat alongside Sir Alex Ferguson during United’s clash with Tottenham last month
Rasmus Hojlund (far right) inspired Manchester United to a 2-1 win over Luton Town on Sunday
Brailsford began work at the club’s Carrington training ground in January while Ratcliffe attended United’s Premier League game against Tottenham Hotspur, sitting alongside Sir Alex Ferguson.
As part of his desires to change football operations at the club, his methods could include using a data-led approach, chasing younger players in the transfer market and taking a scythe to Erik ten Hag’s influence over transfers.
Director of data science Dominic Jordan, who inaugurated the role in 2022, said he expects his field to be ‘transformational’ for the side.
United’s current boardroom doesn’t boast a sporting director, a decision that has been heavily criticised during a period when the club’s recent recruitment has been scrutinised.
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