Sir Jim Ratcliffe’s deal with Manchester United to buy a minority stake of 25 per cent had completed. United confirmed in December that Ratcliffe would take a 25 per cent stake in the club as a formality.
The INEOS founder has 27.7 per cent shares in the club. The deal has made him the largest individual shareholder in United. The 71-year-old bought equal shares of 25 per cent of Class B shares and 25 per cent of Class A shares.
Embed from Getty ImagesIn a statement issued by the club, Sir Jim 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.”
Joel Glazer on Sir Jim Ratcliffe
Executive Co-Chairman Joel Glazer said: “I would like to welcome Sir Jim Ratcliffe as co-owner and look forward to working closely with him and INEOS Sport to deliver a bright future for Manchester United.”
Announced in November that Sir Jim Ratcliffe would be committing $300m (£237m) of his own money. This will enable future investment in infrastructure at Old Trafford.
The Hardwork Begins
Despite having to wait for Premier League approval. Sir Jim Ratcliffe and his team have wasted no time getting down to business. Appointing Omar Berrada as the United’s new chief executive.
In a statement, United said: “As one of the most experienced football executives at the top of European football, Omar brings a wealth of football and commercial expertise, with a proven record of successful leadership and a passion to help lead change across the club.
“He is currently serving as Chief Football Operations Officer for City Football Group overseeing 11 clubs across five continents and, prior to this, held senior roles at Barcelona.
“It is our state ambition to re-establish Manchester United as a title-winning club. We are pleased that Omar will be joining us to help achieve that goal.”
INEOS are also looking to appoint Newcastle’s sporting director Dan Ashworth. He has been placed on gardening leave after asking to leave Newcastle.
Newcastle have yet to decide on a figure for Ashworth. But it could reach more than £10m should United decide to buy out his contract before the summer transfer window.
With the changes happening under Sir Jim Ratcliffe and his intent to revamp the club, this could also spell trouble for Erik ten Hag’s future as United’s manager, with a rough start to the season United are currently unbeaten in seven games.
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