British billionaire Sir Jim Ratcliffe has successfully completed the acquisition of a 27.7% stake in Manchester United, paving the way for his company, INEOS, to take charge of football operations at the iconic club. This move comes after extensive regulatory approvals, making Ratcliffe a co-owner of the Premier League giants.
The Red Devils faithful believe a new era has begun as it positions Ratcliffe as a key associate in reshaping the future of one of the most iconic clubs in world football.
Upon the completion of the deal, which required approvals from the Premier League and Football Association , Ratcliffe expressed his honor and responsibility as co-owner, aiming to elevate Manchester United to the pinnacle of both English and European platforms.
The Englishman’s acquisition, taking the reins at Old Trafford, marks the commencement of a new chapter for the club, as he envisions to steer the club to heights of footballing excellence.
Ratcliffe, as reported by Sky Sports, said:
"To become co-owner of Manchester United is a great honor and comes with great responsibility."
"This marks the completion of the transaction, but just the beginning of our journey to take Manchester United back to the top of English, European and world football, with world-class facilities for our fans."
"Work to achieve those objectives will accelerate from today."
The 71-year-old outlines ambitious plans for a resurgence of the club, with systems to revamp the team’s structure and performance already in motion.
The deal signals a strategic shift in ownership, with a focus on implementing world-class facilities and fostering success on the field.
Manchester United is pleased to confirm that Sir Jim Ratcliffe has completed his 27.7% acquisition of the club, following approval of all conditions, including the FA and the Premier League.#MUFC
— Manchester United (@ManUtd) February 20, 2024
Joel Glazer, co-chairman of United, said:
"I would like to welcome Sir Jim as co-owner and look forward to working closely with him and Ineos Sport to deliver a bright future for Manchester United."
With the deal finalized, INEOS wasted no time making significant changes. Omar Berrada has been appointed as the club’s new chief executive, who joins from rivals Manchester City, becoming the first major acquisition since the takeover.
The United hierarchy has raided Newcastle United for the services of sporting director Dan Ashworth and the 52-year-old has been placed on gardening leave as he informed the Magpies that he wants to leave.
However, it could cost United more than £10m to buy him out of the contract at Newcastle.
The moves underline Ratcliffe’s commitment to assemble a top-tier leadership team, as he aims for a strategic overhaul, with discussions underway for additional changes and investments in the upcoming months.