Sir Jim Ratcliffe’s official takeover of Premier League giants Manchester United has been finalized. The Ineos owner announced his Manchester United deal with 27.7% buy-in, which has been a formality since the news first broke out around Christmas.
Reports from The Guardian add that Ratcliffe has gained control of Manchester United’s football policy. This entails acquiring 25% of the club’s Class A shares and 25% of the Class B shares. He has now become the official majority stakeholder at the club.
Sir Ratcliffe made the purchase via his company Trawlers Limited and it was verified by the Premier League recently. He passed the owners’ and directors’ test last week and has also gained the approval of the English Football Association.
Speaking to the media following his takeover, Ratcliffe was grateful but also aware of the magnitude of responsibility.
“To become co-owner of Manchester United is a great honour and comes with great responsibility. This marks the completion of the transaction, but just the beginning of our journey to take Manchester United back to the top of English, European and world football, with world-class facilities for our fans. Work to achieve those objectives will accelerate from today.”
Joel Glazer, United’s other co-owner welcomed Sir Jim Ratcliffe as they will work together in club operations.
“I would like to welcome Sir Jim as co-owner and look forward to working closely with him and Ineos Sport to deliver a bright future for Manchester United.”
Manchester United since the takeover
The club’s hierarchy has already began making their mark as they have made some changes at the top. They recruited Manchester City chief operating officer Omar Berrada to become the chief executive.
Additionally, Manchester United have been in contact with Newcastle United’s sporting director Dean Ashworth. The Red Devils believe Ashworth is the ideal replacement for the outbound John Murtough.
In footballing terms, however, Erik ten Hag and his team are sixth in the Premier League with 44 points from 25 games. They are currently five points off the Champions League spots and failure to qualify for next season could impact their potential transfer budget.
ALSO READ: Manchester United Eyes AC Milan’s Tijjani Reijnders as Top Transfer Target.