The ownership stake of 27.7% held by Sir Jim Ratcliffe at Manchester United has been officially finalized. The Ineos owner’s acquisition was expected after it was announced on Christmas Eve that his bid of slightly over £1bn for a quarter of the club had been approved by the Glazers, who hold the majority shares.
Ratcliffe, who now holds the power in United’s football decisions, has successfully purchased 25% of the club’s Class B shares and 25% of the club’s Class A shares. This transaction has made him the primary shareholder of United.
Ratcliffe’s business, Trawlers Limited, which is named after the well-known quote by Eric Cantona, was utilized for the transaction. The Premier League officially approved Ratcliffe’s purchase last week, after he successfully completed the owners’ and directors’ test and gained approval from the Football Association.
Ratcliffe expressed that being a co-owner of Manchester United is a tremendous privilege and carries a significant level of accountability.
“This signifies the conclusion of the transaction, but only the start of our quest to restore Manchester United’s position as a top team in English, European, and global football, along with providing our fans with first-class amenities. Efforts towards achieving these goals will intensify starting today.”
Joel Glazer, one of the owners of United, expressed his excitement in having Sir Jim as a co-owner and is eager to collaborate with him and Ineos Sport to bring a positive future for Manchester United.
Starting from Christmas Eve, Ratcliffe has received assistance from Sir Dave Brailsford and Jean-Claude Blanc, who have now joined him on United’s board. Their initial notable action was to hire Omar Berrada, Manchester City’s chief operating officer, to serve as United’s next chief executive. Berrada will assume the position in the upcoming summer, taking over for Richard Arnold, who left last year.
Dan Ashworth, the director of sports for Newcastle United, has been chosen to take charge of United’s football department in place of John Murtough. He has agreed to join the team. Ashworth is currently on leave while Newcastle seeks £20 million in compensation.
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The fate of Erik ten Hag as manager of United is uncertain. Despite a rough start to the season, the Dutch coach has sparked a comeback. United has gone undefeated in the last seven matches, winning six, including a recent victory over Luton on the road.
After reviewing the club’s structure, Ratcliffe will make a decision regarding any changes. He is determined to either renovate Old Trafford or build a new stadium in its current location.
Source: theguardian.com
