Sir Jim Ratcliffe makes Man Utd promise as £1bn partial takeover agreed

Sir Jim Ratcliffe has promised Manchester United fans that he will continue to invest funds into the club, as an agreement to purchase 25 percent of the Red Devils was confirmed on Christmas Eve.

News broke at 4pm that the British billionaire’s $1.3bn (£1.03bn) bid had finally been agreed, although it will now be referred to the Premier League’ Owners’ and Directors’ Test, meaning it could take around six to eight weeks before the deal can be officially confirmed.

In a statement, the club said: “ Manchester United announces today that it has entered into an agreement under which Chairman of INEOS, Sir Jim Ratcliffe, will acquire 25 per cent of Manchester United’s Class B shares and up to 25 per cent of Manchester United’s Class A shares and provide an additional $300 million intended to enable future investment into Old Trafford.

“As part of the transaction, INEOS has accepted a request by the board to be delegated responsibility for the management of the club’s football operations. This will include all aspects of the men's and women's football operations and academies, alongside two seats on the Manchester United PLC board and the Manchester United Football Club boards.

“The joint ambition is to create a world-class football operation building on the club’s many existing strengths, including the successful off-pitch performance that it continues to enjoy.”

As part of the announcement, it was confirmed Ratcliffe will invest $300m (£236m) of fresh capital to help improve club infrastructure, and the Ineos lead shareholder has promised future funds will be made available.

“As a local boy and a lifelong supporter of the club, I am very pleased that we have been able to agree a deal with the Manchester United board that delegates us management responsibility of the football operations of the club,” explained United’s new minority shareholder.

“Whilst the commercial success of the club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times.

“We will bring the global knowledge, expertise and talent from the wider INEOS Sport group to help drive further improvement at the club, while also providing funds intended to enable future investment into Old Trafford. 

“We are here for the long term and recognise that a lot of challenges and hard work lie ahead, which we will approach with rigour, professionalism and passion. We are committed to working with everyone at the club – the board, staff, players and fans – to help drive the club forward. 

“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."

Ratcliffe's deal sees the pyrochemical entrepreneur purchase a quarter of United's shares at a price of $33.00 per share. Ineos will also oversee football operations at Old Trafford and both the current board and new investors are hoping to use United's off-pitch success to drive sporting excellence. The club's board are confident that new management will create success in the years to come.