Manchester United have CONFIRMED Sir Jim Ratcliffe’s takeover of 25 per cent of the club.
The British billionaire bought a £1.3bn stake in the Red Devils from the Glazer family.
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Sir Jim Ratcliffe has confirmed the purchase of 25 percent of Manchester United.Credit: PA
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The download comes as Erik ten Hag struggles as manager Credit: Alamy
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Avram Glazer, centre, is one of the members of the Glazer family which owns Man UtdCredit: Getty
Ratcliffe, who will run football operations at the club, initially wanted to become the majority owner but has now settled for a minority stake.
And it has been confirmed that they will inject 237 million pounds into the club.
A statement on the Man Utd website read: “Manchester United plc today announced that it has entered into an agreement under which INEOS chairman 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 provides an additional $300 million earmarked for future investments in Old Trafford.
“As part of the transaction, INEOS has accepted the management’s request to be delegated responsibility for managing the club’s football operations.
“This will include all aspects of men’s and women’s football operations and academies, alongside two seats on the board of Manchester United PLC and the boards of Manchester United Football Club.
“The shared ambition is to create a world-class football operation that builds on the club’s many existing strengths, including the successful performance off the pitch that it continues to enjoy.”
Ratcliffe then added: “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 which delegates responsibility for the management of the club’s football operations to us.
“While the club’s commercial success has ensured that the funds have always been available to win trophies at the highest level, this potential has not been fully exploited in recent times.
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Man Utd fans have a strong dislike for their current owners, the Glazer familyCredit: Getty
“We will bring in global knowledge, expertise and talent from the wider INEOS Sport Group to help further improve the club, while also securing funding for future investment at Old Trafford.
“We are here for the long term and we recognize that we have a lot of challenges and hard work ahead of us, which we will approach rigorously, professionally and passionately.”
“We are committed to working with everyone at the club – management, staff, players and fans – to help the club move forward.
“Our shared ambition is clear: we all want to see Manchester United where we belong, at the very top of English, European and world football.”
The Glazers put the club up for sale for the first time a year ago, but failed to agree to sell the entire stake.
Their demands led to rival Sheikh Jassim pulling out of the race, but that hasn’t deterred Ratcliffe, who plans to take a hands-on approach to running the club.
He is supposed to be in charge of football operations and has been desperate to get under the table for some time as Man Utd are going through a difficult season.
He has already sacked chief executive Richard Arnold, and director of football John Murtough could follow suit.
Former Juventus chief executive Jean-Claude Blanc, Crystal Palace director Dougie Freedman and Monaco transfer guru Paul Mitchell have emerged as possible replacements.
Meanwhile, cycling mastermind Sir David Brailsford is key to the takeover and he will join Ratcliffe in implementing an overhaul of the club’s transfer department.
Ratcliffe’s investment should give the Glazers £650m from the sale of their class B shares, which have ten times the voting power of publicly traded A shares.
The other half of the money will reportedly go to various minority shareholders.
SunSport have exclusively revealed that Ratcliffe and Co will seek answers as to why the club spent £1.4bn on transfer blunders.
Apparently, there are no plans to build a new stadium.
But they will reportedly invest £245m in improving the club’s infrastructure.
Between £150m and £200m of the budget is said to have been earmarked for the development of the Carrington training ground.
It comes as Man Utd continue to struggle on the pitch following their 2-0 defeat at West Ham on Saturday.
They have lost eight of their 18 Premier League games and are eight points behind the top four.
And they were also eliminated in the Champions League group stage after just one win from six games.
They finished last in a group that included Bayern Munich, Copenhagen and Galatasaray, which means they also missed out on the Europa League.
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