Man Utd takeover: Ratcliffe & Brailsford visits explained, plus next steps in Ineos purchase & CEO plans

Sir Jim Ratcliffe and Sir Dave Brailsford have been in Manchester this week meeting club employees ahead of Ineos’ partial takeover of Manchester United.

It was announced on Christmas Eve that a deal of $1.03bn had been agreed for the British billionaire to purchase a partial stake in the club. However, Ratcliffe’s position as a minority stakeholder in his boyhood club will not be officially confirmed for another four to six weeks.

Ratcliffe will first need to first pass the Premier League’s Owners’ and Directors’ Test, although there’s no expectation that he will fail. In the meantime, Ineos have offered to purchase 25 percent of the Class-A shares which are owned by other minority shareholders.

Ratcliffe has agreed to purchase 25 percent of the Glazers’ Class-B shares at a price of $33 per share. The same offer has been made to Class-A shareholders, a proposal which will almost certainly be accepted given the huge premium Ineos are paying - United’s share price is currently $20 per share.

The process is separate to the purchase of the Class-B shares (which carry 10 times the voting rights) and legally time must be allowed for a tender letter to be issued, current shareholders to consider the offer and respond, although that is expected to be concluded before the Premier League tests.

In the meantime, Ratcliffe and Brailsford have been in Manchester meeting senior members of staff and department heads at Old Trafford as they try to gain an understanding of the club’s current operations. With Ineos set to lead the sporting side of the business, there is understandably more interest from Ratcliffe and Brailsford in these sectors than commercial departments.

Brailsford is also set to join United’s football board along with Jean-Claude Blanc, once the deal is fully ratified, with John Reece & Rob Nevin of Ineos set to become members of the PLC board. Brailsford is also expected to play a significant role in the day-to-day running of United in his capacity as Ineos Director of Sport.

Despite the company’s ventures into various sports, Brailsford’s full-time focus will be on United. Ineos also own Ligue 1 side Nice, but it’s believed that after four years of oversight, the strong structures established will allow Brailsford to commit all of his energy to the project at Old Trafford, although it’s not believed he will hold an official role at United. Nice are currently second in the French top flight and could be Champions League competitors next season.

Elsewhere, the new era at United will see the appointment of a new CEO. Richard Arnold, who held that position for just under two years, departed at the end of 2023 and was replaced in the interim by Patrick Stewart. While several names have been linked with the role, this selection will not be made solely by Ineos, with an appointment deemed a decision for the PLC board, and therefore technically falls under the jurisdiction of the Glazers.

As part of Ineos’ investment, they have also committed to releasing a further $300m (£238m) to improve club infrastructure, but the timing of the partial takeover, and United’s precarious financial situation, means Ratcliffe will not impact January transfer plans.

Erik ten Hag’s side are back in action on Monday when they face Wigan Athletic in the third round of the FA Cup, before a Premier League clash against Tottenham Hotspur on 14 January.