October 21st 2023.
Sir Jim Ratcliffe's Ineos have been involved in the exhaustive bidding process to buy Manchester United from the Glazer family for almost a year. The chemicals company is now set to secure a minority investment for a fee in the region of £1.3billion, giving them control over sporting matters.
Ineos have been invested in a host of different sports for a while, including Ligue 1 side Nice and the Ineos Grenadiers cycling team. They have also been co-owners of F1 giants Mercedes since January 2022, having sponsored the Silver Arrows since 2020.
Mercedes team principal Toto Wolff has worked extensively with Ratcliffe and Ineos over the past three years and believes the billionaire will be a massive asset for Manchester United if he acquires a 25 per cent stake in the club.
Wolff gave insight into Ratcliffe’s suitability and expertise as a sports team owner, saying: ‘Jim and his partners, Andy [Currie] and John [Reece], they are first of all very complimentary and this is a no bulls*** organisation. They are huge in terms of revenue and profit and decisions are being made quickly, three bullet points on a page and “Here we go”. With Jim, all the bulls*** is cut out. So I think wherever he gets his power and resource and character behind it, that’s going to be an addon for any team. He’s a Manchester boy, he has the resources that are needed and the heart is in the right place for this team and I’m sure he can be very creative for Manchester United.’
United held a board meeting to discuss Ratcliffe’s offer on Thursday and while it could still take some time for the deal to be ratified, Ineos are already thought to be putting plans in place to restructure the club behind the scenes – including bringing in a new sporting director.
Manager Erik ten Hag, who is under a little pressure after an underwhelming start to the season, says he has not been involved in any of those discussions and is only focused on beating Sheffield United on Saturday evening.
Asked about potential changes to United’s sporting structure, the Dutch coach replied: ‘So, at this moment, I’m not involved, so I don’t know. What I know are the agreements I made once I signed this contract. And until I hear anything, I just keep focusing on my job and focusing in this structure and focusing on my job. And that is winning games and get the best out of the season.’
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