2023-12-24 18:19:11
More than a year after the Glazer family, its owner since 2005, announced the club was being put up for sale, Manchester United reported today that it has signed an agreement according to which the president of the petrochemical multinational INEOS, Sir Jim Ratcliffe, will acquire 25 percent of its shares for about 1.25 billion pounds sterling (1.4 billion euros).
In addition, the English tycoon, who has one of the largest fortunes in the United Kingdom, will invest an additional 300 million dollars (273 million euros) for future investments both in transfers and in the remodeling of Old Trafford.
Sports management, in your hands
As part of the operation, INEOS, the world’s fourth largest chemical company, accepted a request from the Board of Directors to be delegated responsibility for the management of the club’s football operations.
Ultimately, INEOS will take the lead in sporting matters, specifically “all aspects of men’s and women’s football operations and academies, as well as two seats on the board of directors of Manchester United PLC and the board of directors of Manchester United Football Club”.
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The most immediate decision that Ratcliffe will face is whether to retain or dismiss Erik ten Hagthe highly questioned coach of United’s first men’s team, which lost to West Ham (2-0) on Saturday and is eighth in the Premier League, twelve points behind leader Arsenal.
Qatar withdrew in October
Ratcliffe was left as the only candidate to reach an agreement with United’s owners after Qatari Sheikh Jassim bin Hamad al Thani to retire in October of the endless bidding process by ensuring that it would not increase its offer of 6,000 million dollars (5,500 million euros) to acquire just a simple stake in the glorious club.
Ratcliffe presented the offer that most convinced the Glazers after trying to buy United in its entirety for an amount greater than 5,000 million pounds (5,700 million euros).
Although the Glazers’ initial intention was to sell United, which they bought in 2005 for 790 million pounds, the offers seemed short, since they valued the club above 6,000 million pounds (6,900 million euros).
United is the most successful team in English football. His record includes 20 leagues, 12 FA Cups, 6 League Cups, 21 Super Cups (Charity Shield/Community Shield), 3 European Cup/Champions League, 1 Cup Winners’ Cup, 1 Europa League, 1 European Super Cup, 1 World Cup Clubs and 1 Intercontinental Cup.
A lifelong United fan
“As a Manchester boy and lifelong supporter of the club, “I am very pleased that we have been able to reach an agreement with the Manchester United board of directors that delegates to us the responsibility of managing the Club’s football operations,” Ratcliffe highlighted in the United statement.
“While the Club’s commercial success has ensured that there have always been funds available to win trophies at the highest level, This potential has not been fully exploited in recent times. We will bring global knowledge, experience and talent from a broader scope. “The INEOS Sport group will help drive further improvements at the Club, whilst also providing funding to enable future investment at Old Trafford,” Ratcliffe detailed.
The Glazers, satisfied
“We are delighted to have reached this agreement with Sir Jim Ratcliffe and INEOS. As part of the strategic review we announced in November 2022, we committed to looking at a range of alternatives to help improve Manchester United, with particular attention to the team men’s, women’s and youth. Sir Jim and INEOS bring a wealth of commercial experience as well as a financial commitment to the club,” they said. Avram and Joel Glazer in the statement.
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