As you know, at the end of 2023, Man Utd’s board of directors reached an agreement for Sir Jim Ratcliffe, Chairman of INEOS, to buy back 25% of the team’s shares.
Besides, Sir Jim Ratcliffe also took over MU’s sports department. This billionaire spent his own money to buy back shares in the “Red Devils”, instead of borrowing from financial institutions. The $300 million he promised to invest in the club also comes from the assets of this Manchester-born businessman.
And this transfer agreement was recently approved. Specifically, the Premier League home page announced: “Sir Jim Ratcliffe’s acquisition of 25% of Manchester United’s shares and an additional investment of 300 million USD in the club has been approved by the Premier League Board of Directors. Supervisory Board officially approved the deal.”
With this transfer deal, Sir Jim Ratcliffe is also determined to bring MU back to glory. “We are here for the long term and recognize that there are many challenges and hard work ahead, which we will approach with seriousness, professionalism and passion. Our ambitions are clear : we all want to see Manchester United back where we belong, at the pinnacle of English, European and world football”
After buying back MU’s shares, Sir Jim Ratcliffe also soon made many big changes. Richard Arnold will leave his position as CEO. Replacing this position is Omar Berrada, Director of Operations of Man City. Berrada applied for leave to move to work at Man Utd.
In addition, this billionaire also plans to replace Carrington center with a larger and more modern complex. Jim Ratcliffe assessed that the current Carrington facility is dilapidated and has not been restored many times in the past. MU’s training center gradually lags behind the training grounds of other teams such as Man City or Tottenham.