Manchester United have confirmed they have agreed to sell a minority stake to Sir Jim Ratcliffe, with the INEOS chairman also committed to investing another $300 million into the club.
Ratcliffe has acquired a 25% stake in the club in a deal worth around £1.3 billion ($1.6bn) and will also take responsibility for football operations at United.
A statement issued on Sunday said his further $300m commitment is "intended to enable future investment into Old Trafford."
"As a local boy and a lifelong supporter of the club, I am very pleased that we have been able to agree a deal with the Manchester United board that delegates us management responsibility of the football operations of the club," Ratcliffe said in the statement. "Whilst the commercial success of the club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times.
Ratcliffe will acquire 25% of the club's Class B shares, previously exclusively held by the Glazer family, and up to 25% Class A shares, which are traded on the New York Stock Exchange.
A source told ESPN that two seats on the football board will go to Sir Dave Brailsford and Jean-Claude Blanc.
There's no formal agreement for Ratcliffe to become full owner of United, but he would get first refusal should the Glazers decide to sell more shares.
Despite interest from Ratcliffe and Qatari businessman Sheikh Jassim Bin Hamad Al Thani in a full takeover at Old Trafford, the Glazers opted to accept Ratcliffe's offer to buy a minority stake. Under the terms of the agreement, the Glazers will remain at the club as majority shareholders.
The Glazers have been deeply unpopular with fans since their heavily leveraged buyout of the club in 2005.
Ratcliffe has acquired a 25% stake in the club in a deal worth around £1.3 billion ($1.6bn) and will also take responsibility for football operations at United.
A statement issued on Sunday said his further $300m commitment is "intended to enable future investment into Old Trafford."
"As a local boy and a lifelong supporter of the club, I am very pleased that we have been able to agree a deal with the Manchester United board that delegates us management responsibility of the football operations of the club," Ratcliffe said in the statement. "Whilst the commercial success of the club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times.
Ratcliffe will acquire 25% of the club's Class B shares, previously exclusively held by the Glazer family, and up to 25% Class A shares, which are traded on the New York Stock Exchange.
A source told ESPN that two seats on the football board will go to Sir Dave Brailsford and Jean-Claude Blanc.
There's no formal agreement for Ratcliffe to become full owner of United, but he would get first refusal should the Glazers decide to sell more shares.
Despite interest from Ratcliffe and Qatari businessman Sheikh Jassim Bin Hamad Al Thani in a full takeover at Old Trafford, the Glazers opted to accept Ratcliffe's offer to buy a minority stake. Under the terms of the agreement, the Glazers will remain at the club as majority shareholders.
The Glazers have been deeply unpopular with fans since their heavily leveraged buyout of the club in 2005.
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