Billionaire Jim Ratcliffe takes control of Man Utd

Man Utd announced that Britain's richest man Jim Ratcliffe has bought 25% of the team's shares and taken control of football operations.

The announcement came just a day before Christmas, when the Glazers sold 25% of Man Utd’s Class A shares to the chairman of INEOS Chemicals, for $33 a share. That valued the club at more than $6 billion, including debt.

Billionaire Jim Ratcliffe outside Old Trafford Stadium, Manchester, England on March 17, 2023. Photo: Reuters — Billionaire Jim Ratcliffe outside Old Trafford Stadium, Manchester, England on March 17, 2023. Photo: *Reuters*

Although not the largest shareholder, Ratcliffe still reached an agreement for the INEOS board to run football activities at Man Utd, from the men's and women's teams to the academy. Therefore, the recruitment of coaches and players is also completely controlled by INEOS, and the Glazers only take care of other activities such as promotion and commerce.

Ratcliffe also pledged $300 million to the club to renovate Old Trafford. Many of the facilities at the stadium are dilapidated, some even leaking and have not been repaired. The team's headquarters at Carrington will also be improved.

Ratcliffe appointed senior INEOS figures Dave Brailsford and Jean-Claude Blanc to manage football operations at Man Utd. Brailsford was sporting director of INEOS and French club Nice, while Blanc is a former general manager of PSG and Juventus. These two leaders are considered to have football expertise, unlike their predecessors Richard Arnold and Patrick Stewart at Man Utd.

The Man Utd website also quoted co-chairmen Avram Glazer and Joel Glazer, saying they were delighted with the deal. "Ratcliffe and INEOS will bring to Man Utd a wealth of commercial experience and financial commitment," the Glazer brothers said. "Man Utd will have access to highly experienced, high-performing professionals to lead our elite teams."

Ratcliffe, who was born in Greater Manchester, has been a fan of Man Utd since he was a boy. The 71-year-old businessman is considered the richest man in Britain, with a total fortune of more than 23 billion USD. He believes that the work ahead with Man Utd is full of difficulties and challenges. "But we will approach the job seriously, professionally and enthusiastically," he said. "Our ambition is clearly to bring Man Utd back to the top in England, Europe and the world."

Man Utd are currently eighth in the Premier League, having not won the title in 10 years since the departure of Alex Ferguson. Erik ten Hag's side are under pressure after losing 13 of their 26 games in all competitions this season.

Before Ratcliffe reached an agreement with Man Utd, there were rumors that Qatari billionaire Jassim Al Thani wanted to buy all the shares of the team. However, Mr. Thani failed to reach an agreement with the Glazer family - who have owned Man Utd since 2005.

Hoang An

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