Manchester United have found their purpose for the season at the stroke of the new year, with manager Erik Ten Hag stating their target is to build on their positive streak by aiming to secure a top-four finish and claim a spot in the UEFA Champions League before setting their sights on competing for the title.
With the backing of the club’s new co-owner, the INEOS group owned by Sir Jim Ratcliffe, who will be at the helm of the club’s board following pending approval from the concerned authorities, the deal has received the green light. The British billionaire expressed his gratitude upon becoming the owner.
Manchester United minority holdings purchased by Jim Ratcliffe
Last year, the owners of Manchester United, the Glazer family, opened up the possibility of selling a minority share of the club. The INEOS sporting group, led by their Chief Jim Ratcliffe, placed an official bid of £1.03 billion to acquire a 25% stake in the club along with governance over all the team’s sporting operations.
Ratcliffe’s consortium bid was agreed upon by the club’s majority owner. However, the ownership takeover was delayed due to pending approvals from authorities, dragging the official confirmation into the new year of 2024.
Nonetheless, last week, the sale of the minority stake was finalized when the Football Association and the Premier League rubber-stamped the takeover.
Manchester United officially announced that the deal had been ratified on Wednesday, following the necessary approvals. With an initial investment of £158.47 million, the new owners will increase their share to 27.7%. An additional investment of £79 million by the 31st of December this year will further expand their shares to 28%.
Sir Jim Ratcliffe reveals future goal after Manchester United deal
The INEOS group chief, Jim Ratcliffe, will be working alongside Sir Dave Brailsford and Jean-Claude Blanc. This duo will assist Ratcliffe in running the operations as board members. They have already made their first significant recruitment by appointing Omar Berrada as the new CEO of the club.
Following the official announcement, Ratcliffe stated, “To become a co-owner of Manchester United is a great honor and comes with great responsibility.”
He added, “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.”
“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.”, said Joe Glazer, the Executive Co-Chairman, welcoming the new co-owner.
