Sir Jim Ratcliffe, the chairman of INEOS, has recently connected with the Manchester United fans following the completion of a deal to acquire a 25% stake in the club. In his communication, he has expressed his dedication to the responsibility of restoring the club to its former glory and has appealed for patience from the fans.
The £1.25 billion deal, which was finalised on Christmas Eve, will involve an investment of over £236 million from INEOS to modernize the infrastructure of the debt-laden Premier League club. Additionally, INEOS will assume control of Manchester United’s football operations.
Ratcliffe directed his message to the Manchester United Supporters’ Trust, the Fans’ Forum, and the Fans’ Advisory Board, highlighting INEOS’s long-term commitment and the need for patience in achieving success on the pitch. He emphasized the necessity for rigorous and professional management, recognizing the fans’ aspirations for the club.
The 71-year-old Ratcliffe, a lifelong United fan born in the nearby town of Failsworth, demonstrated his dedication to the responsibility of being a custodian of the club. He emphasized the commitment to delivering both sporting and commercial success to Manchester United, acknowledging the club’s history and striving to elevate it to the top of English, European, and world football.
Ratcliffe also acknowledged that the deal is subject to regulatory approval and refrained from discussing club matters publicly until the process is completed, displaying a respectful approach to the formalities involved in the acquisition.
The approval process is anticipated to take between four to six weeks, with the Premier League playing a decisive role in endorsing Ratcliffe’s investment in the club.
This significant development follows a 13-month ownership saga involving the club’s current owners, the Glazer family, who had indicated their intention to explore strategic options, including the possibility of selling the club, in November 2022.
Before Ratcliffe’s agreement to acquire a minority stake, Qatari businessman Sheikh Jassim had also been in contention to assume full control of Manchester United. However, his bid was withdrawn in October, leading to Ratcliffe’s focus shifting towards obtaining a significant minority stake in the club.
The recent communication from Sir Jim Ratcliffe underscores the seriousness of the deal and the long-term vision that INEOS holds for Manchester United. It marks a significant milestone for the club and is likely to have a lasting impact on its future.
In summary, Ratcliffe’s message is a clear indication of the commitment and dedication that INEOS is bringing to Manchester United. As the club looks towards a new era, the patience and support of the fans will play a crucial role in shaping its journey ahead.