Manchester United has officially announced the completion of the purchase of a 25% stake in the club by Sir Jim Ratcliffe. This marks the resolution of a year-long saga initiated by the Glazer family, the current owners of Manchester United, who were seeking external investment.
Throughout the process, Sir Jim Ratcliffe, alongside Qatari banker Sheikh Jassim bin Hamad Al Thani, emerged as one of the leading bidders to secure investment. However, Sheikh Jassim’s attempt to acquire a full 100% stake in United for £5bn, along with an additional £1bn to alleviate the club’s debts, fell short of the Glazers’ higher asking price, which reached up to £10bn.
With Sheikh Jassim’s bid unsuccessful, Ratcliffe successfully negotiated a deal with the Glazers to obtain a minority 25% stake in the club. It’s understood that Ratcliffe envisions becoming the majority stakeholder in the future but was willing to collaborate with the Glazers for the time being.
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Despite initial reluctance from the Glazers to sell below their asking price, Ratcliffe’s acquisition of a stake has now been finalized. Recent reports indicate that Ratcliffe, who possesses football ownership experience with Ligue 1 leaders OGC Nice, aims to establish a new three-man leadership committee at the helm of United’s hierarchy. This committee would comprise Ratcliffe himself, co-chairman Joel Glazer, and INEOS director of sport Sir Dave Brailsford.
In anticipation of Ratcliffe’s involvement, United confirmed the departure of CEO Richard Arnold on the eve of Ratcliffe’s arrival. Arnold, who served the club for 16 years, will be succeeded by an interim CEO, Patrick Stewart, as the search for a permanent successor is underway.