The Glazer family will earn around £1.3billion after finally reaching an agreement with Sir Jim Ratcliffe to sell 25% of their shares in Manchester United. The INEOS chairman is paying £26 in cash per share and has committed to investing almost £240million into infrastructure at Old Trafford over the next year.
Ratcliffe, 71, will oversee football operations at the request of the club’s board. Avram, Bryan, Darcie, Edward, Joel and Kevin Glazer are all directors at Man United, making up half of the 12-person board, with Avram and Joel also serving as executive co-chairmen.
The agreement comes 13 months after beginning the process to “explore strategic alternatives.” A convoluted process has proved costly, with the recently released accounts up to June detailing that they spent £7million on legal and associated fees in the seven months since last November’s announcement.
That works out at £250,000 a week on legal and consultancy fees to sales advisors, such as the American investment bank that the Glazer family hired to run the sales process, The Raine Group. Whether those outgoings cease following this agreement remains to be seen, as a six-to-eight-week-long wait will now follow while Ratcliffe is subject to the Premier League Owners’ and Directors’ Test.
That is one of the customary regulatory approvals necessary before the deal can be complete. The club statement states: “All parties are hopeful it will be completed as soon as possible.” That announcement also carries quotes from Avram and Joel Glazer. “We are delighted to have agreed this deal with Sir Jim Ratcliffe and INEOS,” it reads.
“As part of the strategic review we announced in November 2022, we committed to look at a variety of alternatives to help enhance Manchester United, with a focus on delivering success for our men’s, women’s and Academy teams. Sir Jim and INEOS bring a wealth of commercial experience as well as significant financial commitment into the Club.
“And, through INEOS Sport, Manchester United will have access to seasoned high-performance professionals, experienced in creating and leading elite teams from both inside and outside the game. Manchester United has talented people right across the Club and our desire is to always improve at every level to help bring our great fans more success in the future.”
