Manchester United have CONFIRMED Sir Jim Ratcliffe’s 25 per cent takeover of the club.
The British billionaire has purchased a £1.3billion stake in the Red Devils from the Glazer family.
PASir Jim Ratcliffe has confirmed his 25 per cent purchase of Manchester United[/caption]
Ratcliffe had initially wanted to become the majority owner, but has now settled for a minority stake.
A statement on the club’s website read: “Manchester United plc announced today that it has entered into an agreement under which Chairman of INEOS, Sir Jim Ratcliffe, will acquire 25 per cent of Manchester United’s Class B shares and up to 25 per cent of Manchester United’s Class A shares and provide an additional $300 million intended to enable future investment into Old Trafford.
“As part of the transaction, INEOS has accepted a request by the Board to be delegated responsibility for the management of the Club’s football operations.
“This will include all aspects of the men’s and women’s football operations and Academies, alongside two seats on the Manchester United PLC board and the Manchester United Football Club boards.
“The joint ambition is to create a world-class football operation building on the Club’s many existing strengths, including the successful off-pitch performance that it continues to enjoy.”
The Glazers first put the club up for sale a year ago but failed to agree to selling their entire share.
Their demands led to rival Sheikh Jassim pulling out of the race but it did not deter Ratcliffe, who plans to take a hands-on approach to running the club.
He is set to be in charge of football operations and has been desperate to get his feet under the table for some time with Man Utd enduring a difficult season.
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He has already fired chief executive Richard Arnold and director of football John Murtough could follow suit.
Ex-Juventus CEO Jean-Claude Blanc, Crystal Palace director Dougie Freedman and Monaco transfer guru Paul Mitchell have emerged as possible replacements.
Meanwhile, cycling mastermind Sir David Brailsford is key to the takeover and he will join Ratcliffe in implementing an overhaul of the club’s transfer department.
Ratcliffe’s investment is set to hand the Glazers £650million from the sale of their Class B shares, which have ten times the voting power of A shares that are publicly traded.
The other half of the money will supposedly go to various minority shareholders.
SunSport exclusively revealed that Ratcliffe and Co will demand answers as to why the club spent £1.4bn on transfer flops.
There are reportedly no plans to build a new stadium.
However, he will supposedly invest £245million into improving the club’s infrastructure.
Between £150m and £200m of the budget is said to have been put aside to develop the Carrington training ground.