Manchester United are set to be handed a major boost in the coming week with the reign of Sir Jim Ratcliffe on the brink of Premier League ratification, according to reports.
Ratcliffe set to take minority stake
Manchester United confirmed in December that lifelong Red Devil fan Sir Jim Ratcliffe was set to take a 25% stake in the club, more than 12 months after the unpopular Glazer owners had announced their intentions to seek new investment.
"Manchester United plc (NYSE: MANU) announced 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", an official statement revealed at the end of 2023.
It is understood that the deal cost the newest board member in excess of £1.1bn, and he will have full sporting control over the club thanks to an agreement made with the Glazers, something that Manchester United fans will be delighted to hear.
Who is on the Manchester United board?
Name
Role
Avram Glazer
Executive Co-Chairman and Director
Joel Glazer
Executive Co-Chairman and Director
Patrick Stewart
Interim Chief Executive Officer and Chief Legal Officer / General Counsel and Director
Cliff Baty
Chief Financial Officer and Director
Richard Arnold
Director
Kevin Glazer
Director
Bryan Glazer
Director
Darcie Glazer Kassewitz
Director
Edward Glazer
Director
Robert Leitão
Independent Director
Manu Sawhney
Independent Director
John Hooks
Independent Director
Sir Jim Ratcliffe
TBC
Ratcliffe's immediate priorities are set to be to revamp the Stadium and training ground, as well as returning to winning ways on the pitch, with the club having lagged behind its rivals in recent years thanks to some reckless spending in the transfer market. Despite the promises, though, nothing has happened yet.
Premier League to ratify Man Utd takeover
Though the deal has been confirmed by Manchester United, the Premier League are yet to ratify the agreement, which means that Ratcliffe can't have any influence in an official capacity just yet. However, that is set to change, with Football Insider reporting that Premier League approval is set to be given next week in what will prove a major boost to the Red Devils.
Changes have already begun at the club, with Manchester City man Omar Berrada making the switch to become the new CEO at Old Trafford, but it is expected that changes will ramp up when Ratcliffe ultimately gets the green light.
One of his biggest concerns will be the stadium, which has fallen into a state of disrepair in recent seasons. So far in the 2023/24 season alone, part of the roof has fallen off and there has been a major leak in another section of the roof, and the Theatre of Dreams is rapidly becoming a footballing graveyard. It has also inspired a new chant from travelling fans which revels in the fact that "Old Trafford is falling down" before turning the joke on struggling boss Erik ten Hag.
It is unclear whether the Dutchman will remain in charge beyond this season following a campaign that has seen them lose nine Premier League games already and crash out of European football in spectacular fashion.
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The approval of Ratcliffe's takeover, however, should allow things to be set in motion ahead of what is sure to be a busy summer at Old Trafford on all fronts.