26 December 2023 , 16:08
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Shares in Manchester United increased by nearly four per cent on Boxing Day ahead of Sir Jim Ratcliffe's arrival at Old Trafford.
INEOS chairman Ratcliffe agreed a £1.3billion deal with United's board on Christmas Eve which gives him a 25 per cent stake in the club as well as control over the Red Devils' football operations. Ratcliffe's INEOS are in the process of acquiring their stake at £26 ($33) per share which values the Premier League giants at £4.96bn ($6.3bn) including debt, Reuters report.
Since it was announced in November 2022 that the club's current owners, the Glazer family, were conducting a strategic review and had opened themselves up to new investment, United's stock has risen by around 52 per cent. A full sale was discussed, enticing Qatari banker Sheikh Jassim bin Hamad Al Thani, but Ratcliffe ultimately won the race by agreeing to become a minority stakeholder.
The rise in the Red Devils' share price reflects a cautious level of optimism at Old Trafford, although Ratcliffe won't officially come on board until a six-week ratification process is complete. Should the much-maligned Glazers, who've been in charge of the club's diminishing fortunes since 2005, decide to sell their remaining shares and delight much of the United fan base, it's understood that boyhood United supporter Ratcliffe will be given first refusal on buying them out.
INEOS are set to have a presence at the Red Devils' home game against Aston Villa on Tuesday night, with the 20-time English champions desperate for a win to ease the pressure on struggling manager Erik ten Hag. Former British cycling chief Sir Dave Brailsford, director of sport for the petrochemicals company, is expected to watch on from the Old Trafford directors box.
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Ratcliffe won't speak publicly until the deal is ratified, as he explained a letter to supporters on Tuesday morning. "I wanted to write to you at this time, given the critical role of the fans to the future of Manchester United, as we recognise our responsibility as custodians of the club on your behalf," the Failsworth-born billionaire said.
"I believe we can bring sporting success on the pitch to complement the undoubted commercial success that the club has enjoyed. It will require time and patience alongside rigour and the highest level of professional management. You are ambitious for Manchester United and so are we.
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"There are no guarantees in sport, and change can inevitably take time, but we are in it for the long term and together we want to help take Manchester United back to where the club belongs, at the very top of English, European and world football. I take that responsibility very seriously."