Ratcliffe agrees to hand Glazers overpayment to finally land Man Utd stake

17 November 2023 , 16:52

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Ratcliffe agrees to hand Glazers overpayment to finally land Man Utd stake

Sir Jim Ratcliffe is closing in on agreeing a $33-a-share deal with the Glazers as the Ineos chief prepares to buy a 25 per cent in Manchester United.

The deal is expected to be confirmed in due course and will see Ratcliffe purchase a quarter of United for £1.3billion. It comes almost a year after the Glazers put the club up for sale, with Qatar's Sheikh Jassim and Ratcliffe initially emerging as the two frontrunners. But after Jassim pulled out of a potential deal to buy the whole of the club, Ratcliffe has agreed to become a minority owner.

Now, according to Sky News, after months of talks the British billionaire and the Glazers have settled on a price of around $33 per share for Ratcliffe's stake. Thursday's New York Stock Exchange priced United's share price at $18.43 per share, giving the club a market capitalisation of $3.04bn and giving Ratcliffe's deal a premium of 75 per cent.

Alongside his £1.3bn investment, Ratcliffe has pledged a further £245m which will go into infrastructure upgrades at Old Trafford and United's Carrington training ground. That additional cash will not go into the first-team playing squad.

Although Ratcliffe's proposed deal has not been announced as of Friday afternoon, Richard Arnold has confirmed he is leaving United as the club's Chief Executive Officer. Arnold is being replaced by interim Patrick Stewart, with Jean-Claude Blanc among those linked to fulfilling the role on a permanent basis. Blanc, who has had spells in high profile roles at Juventus and Paris Saint-Germain, is a leading figure at Ineos Sport, the company founded by Ratcliffe.

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Sir Jim Ratcliffe is closing in on a deal to buy 25 perfect of Manchester United (PA)

Speaking after his departure was confirmed, Arnold said: "It has been an incredible privilege to serve this great football club for the past 16 years. Through highs and lows, the constant has been the dedication of our employees and fans. I would like to thank all of them for their loyalty and commitment, and wish everyone associated with the club the very best for the future."

Joel Glazer added: "I would like to thank Richard for his outstanding service to Manchester United over the past 16 years, and wish him all the best for his future endeavours. We are fortunate to be able to call on the deep knowledge and experience of Patrick Stewart to provide interim stability and continuity as we embark on a search for a new permanent CEO."

Meanwhile, Ratcliffe has also shaken up the structure of his cycling team as he prepares to begin his overhaul of United. As per the Daily Telegraph, Rod Ellingworth, who is one of the founders of the team, has resigned from his role as deputy team principal of the Ineos Grenadiers cycling squad.

Kieran King