- Sir Jim Ratcliffe completes his partial takeover of Manchester United
- The Premier League and the FA gave the green light to the agreement on Tuesday
- Should Man United be forced to pay more than £60m for Dan Ashworth? They are ruining Newcastle business – Listen to the everything is beginning podcast
Richard Arnold resigned from his role as director of Manchester United after Sir Jim Ratcliffe completed his part-takeover of the club, with INEOS co-owner John Reece taking a seat on the board.
The British petrochemical billionaire officially took control of a 27.7 per cent stake in the club on Tuesday afternoon, after the Premier League and the Football Association approved the deal.
Ratcliffe and his company have paid £1.3bn for their stake, which will rise to around 30 per cent following a further £238m injection into United’s coffers.
INEOS has wasted no time in reorganizing the group at Old Trafford, with Arnold, who resigned as chief executive in November, resigning from the board.
Meanwhile, United confirmed in an official statement on Wednesday morning that Reece and INEOS Sport chairman Rob Nevin have joined the board.
Sir Jim Ratcliffe and INEOS have completed their minority investment in Manchester United
Richard Arnold resigned from the United board of directors on Wednesday
INEOS co-owner John Reece has joined the board of Manchester United
INEOS has wasted no time in reorganizing the group at Old Trafford, with Arnold, who resigned as chief executive in November, resigning from the board.
Meanwhile, United confirmed in an official statement on Wednesday morning that Reece and INEOS Sport chairman Rob Nevin have joined the board.
Reece joined Ratcliffe’s company in 2000 as finance director and was estimated to be worth £9.1bn according to the Sunday Times rich list year.
Their presence on the board means that INEOS will be represented should a vote be necessary on important decisions.
He will be joined by Nevin, who was part of the delegation that visited Old Trafford in March last year when INEOS first sat down to present its takeover bid to the Glazers.
Arnold replaced Ed Woodward as CEO in February 2022, but left his role late last year to be replaced on an interim basis by United’s top lawyer, Patrick Stewart.
Arnold was instrumental in United’s strong commercial growth over the last decade, landing a £900m kit deal with Adidas and a £60m shirt sponsorship with Qualcomm last year.
However, he was widely criticized for the way the club handled the Mason Greenwood saga, which led to the England striker joining Getafe on loan after a U-turn at United.
Ratcliffe’s minority takeover formally concluded on Tuesday after the A-share public offering closed, more than 14 months after the Glazers family announced they would listen to bids for the club as part of a “strategic review process” in November 2022.
The deadline for holders of Class A shares to present them for sale was extended from February 14 to 11:59 p.m. on February 16.
The Premier League board reviewed and approved Ratcliffe after the lifelong United fan passed the owners and directors test and signed the owners’ articles of association.
Now Ratcliffe has officially taken control of football operations and has the option to buy more Class B shares from the Glazers, should they decide to sell more.
Omar Berrada has been poached from Manchester City to take over as chief executive
Manchester United may have to spend £20m to bring in Dan Ashworth from Newcastle
INEOS sporting director Sir Dave Brailsford (right) has been a regular at both the Carrington training ground and Old Trafford.
INEOS’ focus will now turn to implementing a modern football structure as United have fallen behind their rivals in that department over the last decade.
As Mail Sport reported on Wednesday, a number of key decisions have already been made.
Omar Berrada has already been lured away from Manchester City to take the general manager reins, with Dan Ashworth likely to arrive from Newcastle United in the near future as director of football.
Sir Dave Brailsford, INEOS sporting director, has been a regular figure at both Carrington and Old Trafford, holding meetings with staff in all buildings. He has been key in making decisions as the newcomers present a dossier of evidence and their own plan of action.
