SUMMARY
- Sir Jim Ratcliffe, Britain's richest man, has successfully acquired a 25 percent stake in Manchester United through his conglomerate, INEOS Group.
- A noteworthy detail from the deal reveals that Sir Jim Ratcliffe and the Glazer family, the majority owners of Manchester United, have agreed to a "mutual non-disparagement" clause.
Manchester United’s much-anticipated sale has finally been completed. Britain’s richest man, Sir Jim Ratcliffe, bought a 25 percent stake in the English Club through his conglomerate, INEO Group. This gives the lifelong Manchester United fan considerable say in United’s transfer policy and other important club decisions. Yet, fans have speculated the club’s control would still be in the hands of its majority owner, The Glazer family.
🚨🚨🌕| Sir Jim Ratcliffe and the Glazers have agreed not to criticise each other under a “mutual non-disparagement” clause as part of the #mufc deal. [@TelegraphDucker] pic.twitter.com/GgDW20Khdv
— centredevils. (@centredevils) December 28, 2023
One fascinating detail has come to light regarding the deal between the Glazers and the British billionaire. The two parties have agreed to refrain from publicly criticizing each other as part of the agreement.
According to the British newspaper The Times, (via Goal) a document has been submitted to the New York Stock Exchange that explores the intricate details of the agreement. The two parties have agreed to not make statements that would “constitute an ad hominem attack on, criticize, or otherwise disparage, the sellers [The Glazers], the company [United] or their respective affiliates.”
🚨 The Glazer family will have pocketed more than £1.3bn from share sales and dividend payments at Manchester United once Sir Jim Ratcliffe’s deal for a 25% stake in the club is formally completed.
(Source: Telegraph) pic.twitter.com/jWcYeEXsVj
— Transfer News Live (@DeadlineDayLive) December 28, 2023
The documents also reveal the structural changes that the INEOS group is going to initiate in the club. INEOS group would be sending two close aides of Sir Jim Ratcliffe, namely Sir Dave Brailsford and Jean-Claude Blanc.
Although the Premier League is yet to ratify United’s sale, Sir Jim has already made himself home at the club. It is reported that the Glazers would have to get the final approval from the Glazers on any transfer Manchester United makes in the January 2024 transfer window.
Sir Jim Ratcliffe had to pay a hefty price for his stake in Manchester United
Manchester United’s sale of the club has nothing been short of a drama. When the Glazers announced the sale of the club, there were two clear frontrunners. One was the Sir Jim Ratcliffe-led INEOS group while the other party was former Qatari Prime Minister Sheikh Jassim bin Hamad Al Thani. The period following that saw an intense bidding battle, where Sir Jim Ratcliffe came out on top.
Manchester United reaches agreement for Sir Jim Ratcliffe, Chairman of INEOS, to acquire up to a 25% shareholding in the Company.#MUFC
— Manchester United (@ManUtd) December 24, 2023
The Glazer family wasn’t looking for a full sale of the club, and that might be a reason for the repeated rejection of Sheikh Jassim’s multiple bids. In the end, the American family decided to sell 25 percent of its stake in the club to the INEOS Group.
Sir Jim Ratcliffe had to dig deep in his pockets to facilitate the purchase. The British billionaire reportedly paid a whopping $1.59 billion to buy a stake in the club. Sir, Jim Ratcliffe has previously been linked to a host of Premier League clubs.
The 71-year-old arrived at the possibility of buying Liverpool FC when the club was put for sale in 2022. But, Sir Jim changed his plans and rather sought to buy United, instead. He was also in contention to buy Chelsea FC before Todd Boehly came up with his bid. Other than Manchester United, Sir Jim Ratcliffe also owns the French soccer team OGC Nice and the Mercedes AMG Petronas Formula One team.
