INEOS CEO Sir Jim Ratcliffe on Sunday completed a £1.3billion deal to purchase a 25 per cent shareholding in Manchester United from the Glazer family.
Ratcliffe, the chief executive of the petrochemicals giant INEOS, has been officially confirmed as a minority shareholder in United, ending a 13-month saga that began last November when the Glazer family said they were ready to listen to bids for one of the world’s largest clubs.
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Under the terms of the agreement, Ratcliffe and Brailsford will take charge of football management in the latest shake-up of the Old Trafford hierarchy since the announcement of Richard Arnold’s departure as chief executive last month.
Ratcliffe expressed interest about investing in United in January, but was outbid by Qatari entrepreneur Sheikh Jassim bin Hamad Al Thani, whose bid of around £5 billion to purchase the club outright was rejected before he pulled out.
As a result, Ratcliffe, the richest man in the UK and a lifelong United supporter, was able to strike a deal with Brailsford that allowed him to take control of football operations while the Glazers retain a majority shareholding in the club.
This is not the first investment for Ratcliffe in the sporting sphere though. He is the owner of French club Nice and also holds a 33% shareholding in Mercedes Formula 1. He also bought over the cycling outfit formerly known as Team Sky in 2019, renaming it INEOS Grenadiers.
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