Manchester United announced on Sunday that it has signed an agreement with INEOS Chairman Sir Jim Ratcliffe to purchase up to a 25% stake in the club.
Ratcliffe’s company would buy 25% of the Glazer family’s Class B shares, which have owned the club since 2005. In addition, he will launch a tender offer to purchase up to 25% of the Class A shares.
According to the deal, the Glazers and Class A shareholders will receive $33 per share.
As part of the agreement, INEOS will be in charge of managing the club’s football operations, including the men’s and women’s teams, as well as the academies.
“We are delighted to have agreed to this deal with Sir Jim Ratcliffe and INEOS,” said United co-chairmen Avram and Joel Glazer in a statement.
“Sir Jim and INEOS bring commercial experience and significant financial commitment to the club,” they added.
Ratcliffe, a lifelong United fan, said he was “pleased” to reach an agreement that gives INEOS “management responsibility for the football operations.”
“Our shared ambition is clear: we all want to see Manchester United back where we belong, at the very top of English, European, and world football,” he stated.
