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The Glazer family has informed Manchester United employees that INEOS’ investment will “help unlock more potential” for the club.
The chemicals giant, led during its formative years by British billionaire and United supporter Sir Jim Ratcliffe, officially sealed a 25p stake in the club on Christmas Eve, ending a saga that had lasted more than a year. As part of the deal, United showed Ratcliffe would gain 25 per cent of the club’s Class B shares and up to 25 per cent of Class A shares and provide an additional $300 million to enable long-term investment in Old Trafford. .
INEOS, too, have also been granted permission to oversee all football operations at the club, plus two seats on the Manchester United PLC board and the Manchester United Football Club boards. United have also confirmed, in their filings, that Sir Dave Brailsford and Jean-Claude Blanc will become directors.
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In the aforementioned documents, the Glazers informed United staff of the adjustments that the arrival of INEOS at Old Trafford would bring. They also thanked the staff for their patience during the process.
An email sent to United staff on behalf of the Glazer family said: “We are pleased to share the news that the Board has agreed a deal for INEOS Chairman, Sir Jim Ratcliffe, to acquire up to 25% of A & B shares of Manchester United. This follows the strategic review over the past year in which we have explored a number of different options to help strengthen the Club and ensure additional funds intended for investment in infrastructure.
“We know that Manchester United have wonderful strengths, especially their staff. This deal will unlock more prospects that you have built at this wonderful club.
“As part of the partnership, the Board has asked INEOS, with its agreement, to oversee and take charge of the club’s football operations. This will include all facets of men’s and women’s football operations and academies, with the aim of delivering a world-class and high-performance environment that fosters good luck on the pitch. This will build on the Club’s many existing strengths, adding to the good fortune of the off-court industry.
“INEOS brings expertise and experience from inside and outside the game that we believe can benefit Manchester United. We know from our conversations that they share our ambition and aspiration to ensure that the Club returns to the top of English, European and world football and together we will work hard to help make that happen.
“The transaction is subject to standard and Premier League regulatory approvals, and we expect it to be completed as soon as possible. During this period, Sir Jim and INEOS plan to make public statements.
“Going forward, they will work intensively with Patrick Stewart, as interim CEO, and the control team as they move forward with the Club. We understand that this procedure has taken time and has inevitably created some uncertainty for colleagues. But it is vital to take carry out the strategic review in intensity and locate the right spouse to move us forward. Thank you for your patience.
“We are excited about the opportunity ahead of us and we are realistic about the hard work and commitment it will take from everyone at Manchester United to make this happen. However, we know from over 18 years of delight running with you that we can count on your diligence, determination, and ability.
“Please note that there are certain legal regulations that govern the communications allowed in this process. So, avoid commenting on this transaction on social media. If you are contacted through the media, please avoid commenting and send all your requests to Ellie. Normand, Director of Communications.
“In addition, if you have friends or family asking you about this transaction, you can publicly consult the information available on Manchester United’s website, but do not make speculative comments or insert your own comments or ideas about it. to the transaction.
“Thank you again for everything you do for Manchester United and if you have any questions about today’s announcement, please contact your immediate superior or email comunicaciones@manutd. co. uk.
“Best wishes,
“Joël Glazer and Avram Glazer
“On behalf of the MUFC Board of Directors. “