Sir Jim Ratcliffe’s purchase of a 27.7 per cent stake in Manchester United has been completed.
The £1.2bn deal, which will see INEOS take control of football operations at Man Utd, obtained approval last week from the Football Association and the Premier League following the completion of the owners’ and directors’ test (OADT).
It was announced on Christmas Eve that INEOS chairman Ratcliffe had agreed to buy a stake in the Red Devils in a deal that included investing a further £238m ($300m) into their infrastructure.
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Sir Jim Ratcliffe was in attendance at Old Trafford for Manchester United’s 2-2 draw against Spurs last month
As well as buying Class B shares held by the Glazer family, the announcement confirmed the British billionaire would offer to acquire up to 25 per cent of all Class A shares at a price of £26 ($33) per share.
The 71-year-old also has the first option to buy more Class B shares from the Glazers, should they decide to sell more, with the family retaining a majority stake in the club.
Ratcliffe and his team have wasted no time getting to know the club during the seven-week process to overcome the necessary hurdles, with Sir Dave Brailsford, director of sport at INEOS, a regular presence around the club.
One of their first moves has been to appoint Omar Berrada from rivals Manchester City as the club’s new chief executive.
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Gary Neville believes Manchester United’s recruitment of new CEO Omar Berrada is a solid start to what should be a ‘serious football project’ moving forward
Sky Sports News understands the appointment was made by Ratcliffe in consultation with Joel and Avram Glazer but that INEOS were the driving force behind the move.
INEOS are also lining up a move for Newcastle sporting director Dan Ashworth after Manchester United approached the Magpies for the 52-year-old.
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Gary Neville discusses how important it is for Manchester United to acquire a sporting director with Dan Ashworth a target
Newcastle have placed Ashworth on gardening leave after he told the Tyneside club he wanted to leave on Sunday.
Ashworth is top of Ratcliffe’s list to front up his new football operation at Old Trafford but a deal is not straightforward.
Newcastle have not put a figure on Ashworth’s services, but it is thought it could reach in excess of £10m should Man Utd want to buy out his contract so he can start work ahead of the summer transfer window.
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