PA Media/DPA
London
Sir Jim Ratcliffe has vowed to return Manchester United to "the very top of English, European and world football” after agreeing a £1.25 billion ($1.58 billion) deal to buy a 25% stake in the club.
The Old Trafford outfit announced on Christmas Eve that the chairman of INEOS, who will assume delegated responsibility for football operations, had entered into an agreement, which is "subject to customary regulatory approvals,” which will also see him invest $300 million - more than £236 million - to refurbish the debt-laden club’s infrastructure.
However, it is boyhood fan Ratcliffe’s promise to put United "back where we belong” which will excite fans who have been in open revolt against owners the Glazer family, who launched a strategic review of the business in November last year.
Ratcliffe said: "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.
"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.
"We will bring the global knowledge, expertise and talent from the wider INEOS Sport group to help drive further improvement at the club, while also providing funds intended to enable future investment into Old Trafford.
"We are here for the long term and recognise that a lot of challenges and hard work lie ahead, which we will approach with rigour, professionalism and passion. We are committed to working with everyone at the club - the board, staff, players and fans - to help drive the club forward.”
Under the agreement, INEOS will acquire 25 per cent of the Class B shares owned by the Glazers and tender an offer for up to 25 per cent of the Class B shares at USD33 each in a deal which will not add to the club’s existing debt.
In addition, he will inject $200 million - £158 million - on completion to upgrade Old Trafford and a further $100 million - £79 million - by the end of 2024, taking his total investment to around £1.25 billion.