Jim Ratcliffe may take control of Man Utd’s football department in the next few days, after completing the deal to buy 25% of the club’s shares.
According to the Sun newspaper, Ratcliffe is speeding up negotiations to be able to participate in running Man Utd from November 13. The negotiation process to buy 25% of shares from the Glazer family for 1.7 billion USD has been completed and the two sides are preparing for transfer.
In early 2023, Ratcliffe participated in the auction to buy shares in Man Utd with Qatari businessman Sheikh Jassim. According to Sun, Sheikh Jassim offered to buy all shares for $6 billion, but the Glazer family refused. After buying 25% of the shares, Ratcliffe plans to manage the football segment, while the Glazer family will still hold the commercial segment.
Sports Director Dave Brailsford of Ineos Group, where Ratcliffe is Chairman and CEO, will also participate in running Man Utd. While leading the UK cycling team, Brailsford brought 18 gold medals at the 2004, 2008 and 2012 Olympics. The 60-year-old Director also played an important role in the success of Team Sky/INEOS Grenadiers, The cycling team has won the Tour de France six times since he was captain.
Man Utd coach Erik ten Hag is under great pressure for performance. The “Red Devils” are currently ranked eighth in the Premier League, with only 18 points after 11 rounds, and were eliminated in the fourth round of the League Cup after losing 0-3 to Newcastle. In the Champions League, Man Utd is currently at the bottom of Group A of the Champions League, and could be eliminated if they do not achieve good results against Galatasaray and Bayern in the last two matches.
However, according to the Mirror, Ratcliffe does not think it is necessary to replace Ten Hag. What the billionaire aims to do is improve capital transfer activities that have been ineffective for many years. He was upset about Man Utd spending a lot of money on players like Jadon Sancho or Antony, but not getting adequate results. With the arrival of Ratcliffe and Brailsford, Richard Arnold’s positions as CEO and John Murtough as Director of Football may no longer be necessary.
Ratcliffe was originally a chemical engineer, before becoming a businessman. In 1998, he founded Ineos. In 2021, this group will achieve revenue of 65 billion USD. Ratcliffe currently owns a fortune of $19.4 billion, and is the second richest person in the UK.