TAfter months of speculation and information, it is finally official: Manchester United announced today that it has signed an agreement according to which the president of INEOS, Sir Jim Ratcliffe will acquire 25% of Manchester United’s Class B shares and up to 25% of Manchester United’s Class A shares. It will provide an additional $300 million aimed at enabling future investment at Old Trafford.
These are the keys to the agreement:
- Acquisition of 25% of the Glazer family’s Class B shares
- Offer to acquire up to 25% of all Class A shares
- The Glazer family and Class A shareholders will receive the same price of $33.00 per share
- New investment of 300 million dollars in the Club
- INEOS delegated responsibility for the management of football operations
- Completion of this agreement is subject to receipt of all necessary regulatory approvals, including those from the Premier League.
The club has stated that “The joint ambition is to create a world-class football operation by leveraging the Club’s many existing strengths, including the successful off-field performance he continues to enjoy.”
For his part, Ratcliffe declared that “We are here for the long haul and recognize that there are many challenges and hard work ahead of us, which we will tackle. With rigor, professionalism and passion. “We are committed to working with everyone at the Club – board, staff, players and fans – to help drive the Club forward.”
And he added: “Our shared ambition is clear: we all want to see Manchester United back where we belong. That is, at the top of English, European and world football.”
Let us remember that INEOS already owns the A string in France.