The final details of the Glazers' sale of a stake in Manchester United to INEOS, owned by Sir Jim Ratcliffe, are being finalized with a significant breakthrough reported last Friday. INEOS, through Ratcliffe's Trawlers Ltd, which is wholly owned by him in the Isle of Man and named after Eric Cantona, Ratcliffe's favourite player, will initiate a new board structure. Jean Claude Blanc and Sir Dave Brailsford are expected to join the club, with John Reece and Rob Nevin set to delegate PLC board seats, and Brailsford and Blanc to take on UK Club board roles. The project, codenamed 'Ruby,' signifies the stake sale to INEOS without any Glazer siblings leaving the club. Ratcliffe will not have formal decision-making power for 6-8 weeks pending approvals. Ratcliffe has expressed a long-term commitment to the club, stating, 'We are here for the long term + recognize that a lot of challenges + hard work lie ahead.' The Manchester United supporters' trust has raised questions about the practicality of a minority shareholder having control over the club's core business.
Jim Ratcliffe's company being used for the acquisition is called Trawlers Ltd. The name was inspired by a quote from Eric Cantona.
$MANU The fact is that some of the Glazers believe that the club worth much more over the long term - but they need someone (& their money) to help extract that value. Will Jim Ratcliffe’s stake in Manchester United lighten damp air at Old Trafford? https://t.co/sK8ZV53ksH
#mufc supporters’ trust says they hoped Ratcliffe’s stake was more the 25% & on control gained of sporting activities “puzzle how any organisation can put its very core business in the hands of a minority shareholder, and how that meaningfully works” https://t.co/XyxFtFCPR7
Subject to all approvals, Sir Jim Ratcliffe will delegate his seats on the PLC board to John Reece, a shareholder of INEOS and Rob Nevin, Chairman of INEOS Sport. On the UK Club board, he will delegate his seats to Sir Dave Brailsford and Jean-Claude Blanc https://t.co/J6MAAEpMYs
So what is Sir Jim Ratcliffe taking control of? An in-depth look at #MUFC football operations + how it came to be ⬇️ @TheAthleticFC https://t.co/5cnJSazNML
Earlier this year, a book about INEOS, the company co-owned & founded by Sir Jim Ratcliffe, was released. It has plenty of little pearls which reveal why the billionaire wanted to invest in #MUFC 📝 @mjshrimper did the reading so you didn't have to. https://t.co/Zl2JIHmIfW
The issues confronting Sir Jim Ratcliffe at Manchester United, from the structure inside the club to the problems with Old Trafford to current failings on the pitch: https://t.co/tNyugg1fLU
🚨🔴 INEOS will start working soon on new board structure with Jean Claude Blanc and Sir Dave Brailsford joining the club, as expected. More will follow with new director, new transfer strategy, different plan for 2024 — it will take some time but changes are expected. https://t.co/8DhBhlXylD
And so ends the project codenamed “Ruby”, as Man United sell a stake to INEOS. No Glazer sibling is exiting the club as part of this deal. No formal decision making power for Sir Jim Radcliffe until approvals (6-8 weeks). @TheAthleticFC explainer. https://t.co/zDFEmEjgXs
The company buying shares is Trawlers Ltd, a nod to Eric Cantona, Sir Jim Ratcliffe's favourite player. Trawlers is wholly owned by Ratcliffe in the Isle of Man. #MUFC ⬇️ https://t.co/qhI9iLxzqX
Sir Jim Ratcliffe's to-do list ✏️ Four issues that need to be sorted out at Man Utd 🔴 #BBCFootball https://t.co/y9Wixn3J8S
Sir Jim Ratcliffe: “We are here for the long term + recognise that a lot of challenges + hard work lie ahead, which we will approach with rigour, professionalism + passion. Our shared ambition is clear: to see Manchester United back where we belong.” #MUFC https://t.co/qhI9iLxzqX
With Ratcliffe confirmed it's worth revisiting this excellent piece by @DickinsonTimes on why Sir Jim couldn't resist the Manchester United rebuild project https://t.co/6H0aqGZwYm
Final details now being sorted in Glazers/INEOS deal - could be today (although that is something that’s been said a lot last month) There was a significant breakthrough on Friday.