Sir Jim Ratcliffe has completed a deal to acquire a 25% minority stake in Manchester United, paying just over £1bn for the purchase and gaining control of the club's football operations. The British billionaire, who founded petrochemicals company Ineos, will also provide a further $300m (£237m) for investment in infrastructure at Old Trafford. The transaction is subject to Premier League approval and has been funded without debt, with Ineos receiving two seats on the board.
The completion of the deal turns attention to the future of manager Erik ten Hag, who has endured a difficult first half of the season. United are eighth in the Premier League, have scored in none of their past four matches, and were eliminated from the Champions League after finishing bottom of their group. Ineos sporting director Sir Dave Brailsford is expected to hold talks with key United personnel and will make decisions, including on Ten Hag's position.
Brailsford is set to play a prominent role, though it remains unclear whether he will replace John Murtough as football director. Murtough is understood to be reluctant to leave and may accept a different role if Brailsford takes over. Ratcliffe is also expected to prioritise appointing a new chief executive following Richard Arnold's departure, with Jean-Claude Blanc, CEO of Ineos Sport, seen as the favourite.
Ratcliffe, who used his company Trawlers Limited for the purchase, said: '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. 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.'
The Glazer family, who signalled a strategic review 13 months ago, decided against a full sale. Avram Glazer and Joel Glazer said Ineos brings 'a wealth of commercial experience as well as significant financial commitment'. The deal follows the withdrawal of Qatari banker Sheikh Jassim bin Hamad al-Thani, who had offered £5bn for the club. Ratcliffe already owns French club Nice, Swiss side Lausanne, and the Ineos Grenadiers cycling team.
