INEOS Chairman Sir Jim Ratcliffe, Successfully Acquires 25% Stake Purchase Of Man United.

Manchester United announces that British billionaire, chairman of petrochemical group INEOS, Sir Jim Ratcliffe has acquired a 25% stake in the club.

Ratcliffe and INEOS group will provide an additional $300 million (£237m) intended to enable future investment into Old Trafford.

After 13 months of protracted talks, Ratcliffe has now settled for 25 percent of the Class B shareholding of the club for £1.3billion ($1.6bn) and there will not be a shortage of issues for the Manchester-born billionaire, who is based in Monaco, to wade through.

The Glazers and Class A shareholders will receive $33 per share under the agreement

He has also been handed the responsibility of Man United's football operations, and will have the power to hire and fire staff and sign players as past of the transaction.

This 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.

The joint ambition is to create a world-class football operation building on the Club’s many existing strengths, including the successful off-pitch performances.

Speaking on the successful completion of the deal, Sir Jim Ratcliffe said via the club's website: "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. 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.

“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.”

The club's Executive Co-Chairmen and Directors, Avram Glazer and Joel Glazer: “We are delighted to have agreed this deal with Sir Jim Ratcliffe and INEOS.

“Sir Jim and INEOS bring a wealth of commercial experience as well as significant financial commitment into the Club.

“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 transaction is subject to customary regulatory approvals and all parties are hopeful it will be completed as soon as possible.