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Manchester United deal confirmed

Mark Moran
·4 min read
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Manchester United's Mason Greenwood reacts during the English FA Cup third-round soccer match between Manchester United and Aston Villa in Manchester, Britain, in January 2022. English petrochemical tycoon Sir Jim Ratliffe has purchased a minority stake in the team for $1.6 billion. File Photo by EPA-EFE

Dec. 24 (UPI) -- The much anticipated and long awaited sale of 25% of the storied Manchester United football club has been confirmed in a $1.6 billion deal, the team announced Christmas Eve.

The deal is the most expensive minority investment in a sports club ever.

Petrochemicals tycoon Sir Jim Ratcliffe, one of Britains' richest men and owner of Ineos Sport, bid on the team one day after it was put up for sale last November and finally takes the helm of the team after 13 months of negotiations and slowdowns.

The Glazer family have been the majority stakeholders of Man U since 2005 and will now decide whether to work closely with Ratliffe, who will be responsible for football operations, or take a back seat in the process. Ratliffe has committed to investing another $300 million in the club, intended to "enable future investment into Old Trafford."

"As a local boy and a lifelong supporter of the club, I am very pleased that we have been able to agree a deal with the Manchester United board that delegates us management responsibility of the football operations of the club," Ratcliffe said in the statement.

Manchester United's Bruno Fernandes (C) celebrates scoring a goal with teammate Antony (L), as Mason Mount (R) looks on during the first half of the 2023 Soccer Champions Tour club friendly match between Arsenal and Manchester United at Metlife Stadium in East Rutherford, New Jersey, in July 2023. File Photo by Justin Lane/EPA-EFE

"Whilst the commercial success of the club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times.

"We will bring the global knowledge, expertise and talent from the wider INEOS Sport group to help drive further improvement at the club, while also providing funds intended to enable future investment into Old Trafford.

Erling Haaland of Manchester City reacts during the English Premier League soccer match between Manchester City and Newcastle United in Manchester, Britain, in March 2023. File Photo by Adam Vaughan/EPA-EFE

"We are here for the long term and recognise that a lot of challenges and hard work lie ahead, which we will approach with rigour, professionalism and passion. We are committed to working with everyone at the club -- the board, staff, players and fans -- to help drive the club forward.

"Our shared ambition is clear: we all want to see Manchester United back where we belong, at the very top of English, European and world football."

A statement from Manchester United said Ratcliffe's "will include all aspects of the men's and women's football operations and Academies, alongside two seats on the Manchester United PLC board and the Manchester United Football Club boards."

There is no formal agreement for Ratcliffe to become full owner of United, but he would get the right of first refusal if the Glazers decide to sell more shares of the club.

Executive co-chairmen and directors Avram Glazer and Joel Glazer said they are delighted to have reached a deal with Ratliffe.

"As part of the strategic review we announced in November 2022, we committed to look at a variety of alternatives to help enhance Manchester United, with a focus on delivering success for our men's, women's and Academy teams," they said in a joint statement.

"Sir Jim and INEOS bring a wealth of commercial experience as well as significant financial commitment into the Club. And, through INEOS Sport, Manchester United will have access to seasoned high-performance professionals, experienced in creating and leading elite teams from both inside and outside the game. Manchester United has talented people right across the club and our desire is to always improve at every level to help bring our great fans more success in the future."

The Glazers, who have been highly unpopular with fans since their takeover of the club takeover in 2005, selected to sell the minority stake to Ratliffe from among a handful of suitors, including Qatari businessman Sheikh Jassim Bin Hamad Al Thani, who sought a full takeover of United.

"Today might -- just might -- be a step forward for Manchester United after some very difficult years," a statement from Manchester United Supporters Trust reacting to the announcement said. "But with the Glazers still in charge, people should understand that United fans will remain sceptical and wait for the proof in the pudding."

The deal is subject to Premier League approval, which will likely take six to eight weeks.

Ratcliffe, 71, was born in Failsworth, Manchester, and grew up a United fan. He owns French club Nice and Swiss outfit FC Lausanne-Sport and made an unsuccessful, last-minute bid to buy Chelsea last year.