Sir Jim Ratcliffe’s petrochemicals company INEOS Group have released a full statement following the acquisition of a 25 per cent stake in Manchester United Football Club.
British billionaire Ratcliffe’s deal has finally been confirmed after a 13-month-long process starting when the Old Trafford club revealed their intention to explore ‘strategic alternatives’ in November 2022.
The Glazer family will remain at the club, with Ratcliffe and his team taking full control of the sporting department. Sir David Brailsford, currently director of sport at Ineos’ OGC Nice, is expected to have a key role at United.
Sir Jim and INEOS will take control of the club’s footballing affairs once the deal is approved by the Premier League – a process expected to take between six and eight weeks, meaning that it is likely to be after the January transfer window.
Following confirmation of the deal, INEOS Group have released the following statement:
“INEOS has accepted a request by the Board to be delegated responsibility for the management of the Club’s football operations. This will include all aspects of the men’s and women’s football operations and Academies.”
Ratcliffe will be hoping to influence a turn in fortune at Old Trafford after ten years without the Premier League trophy and 15 years since their last Champions League triumph.
An injection of cash is expected to be in the region of £237 million for investment into United’s infrastructure, particularly Old Trafford and the Carrington training complex. This will take Ratcliffe’s total outlay to around £1.2 billion.
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