Sir Jim Ratcliffe has vowed to return Manchester United to “the very top of English, European and world football” after agreeing a £1.25billion deal to buy a 25 per cent stake in the club.
The Old Trafford outfit announced on Christmas Eve that the chairman of INEOS, who will assume delegated responsibility for football operations, had entered into an agreement, which is “subject to customary regulatory approvals”, which will also see him invest US dollars 300million – more than £236million – to refurbish the debt-laden club’s infrastructure.
However, it is boyhood fan Ratcliffe’s promise to put United “back where we belong” which will excite fans who have been in open revolt against owners the Glazer family, who launched a strategic review of the business in November last year.
Ratcliffe said: “As a local boy and a lifelong supporter of the club, I am very pleased that we have been able to agree a deal with the Manchester United board that delegates us management responsibility of the football operations of the club.
“Whilst the commercial success of the club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times.
“We will bring the global knowledge, expertise and talent from the wider INEOS Sport group to help drive further improvement at the club, while also providing funds intended to enable future investment into Old Trafford.
“We are here for the long term and recognise that a lot of challenges and hard work lie ahead, which we will approach with rigour, professionalism and passion. We are committed to working with everyone at the club – the board, staff, players and fans – to help drive the club forward.
“Our shared ambition is clear: we all want to see Manchester United back where we belong, at the very top of English, European and world football.”
Under the agreement, INEOS will acquire 25 per cent of the Class B shares owned by the Glazers and tender an offer for up to 25 per cent of the Class B shares at USD33 each in a deal which will not add to the club’s existing debt.
In addition, he will inject USD200million – £158million – on completion to upgrade Old Trafford and a further USD100million – £79million – by the end of 2024, taking his total investment to around £1.25billion.
Executive co-chairmen and directors Avram Glazer and Joel Glazer, who announced a strategic review 13 months ago, said: “We are delighted to have agreed this deal with Sir Jim Ratcliffe and INEOS.
“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.”
Ratcliffe found himself engaged in a lengthy battle with Qatari businessman Sheikh Jassim after it became apparent that the club – or ultimately part of it – could be up for sale.
Sheikh Jassim withdrew his bid for full control in October with a long-running saga showing little sign of reaching a conclusion until Ratcliffe’s focus shifted to the pursuit of a significant minority stake.
The deal was announced by United at 4pm on Sunday in a statement which read: “The joint ambition is to create a world-class football operation building on the club’s many existing strengths, including the successful off-pitch performance that it continues to enjoy.”
The Red Devils have not lifted the Premier League trophy since 2012-13, Sir Alex Ferguson’s last season at the helm, and last won the Champions League in 2008.
Confirmation of INEOS’ investment was given a guarded welcome by the Manchester United Supporters Trust.
A statement read: “Today might – just might – be a step forward for Manchester United after some very difficult years. But with the Glazers still in charge, people should understand that United fans will remain sceptical and wait for the proof in the pudding.”
Former United defender Gary Neville was less than impressed by the timing of the announcement.
“Manchester United 2023 has been a disgrace to the end,” he wrote on X.
“The timing of this is truly awful and no functioning organisation would even think about it.
“Anyway all the very best to Jim Ratcliffe and I hope he can somehow work out a way to get the club right again and back to being something respectable on and off the pitch.”
Journeyman Joselu takes long, winding road to Champions League final
Real Madrid striker Joselu was in dreamland after he came on in the dying moments of their Champions League semi-final against Bayern Munich on Wednesday and turned the game on its head with two goals to snatch a stunning victory.
Joselu, whose journeyman career has included spells at clubs such as Hoffenheim, Eintracht Frankfurt, Hannover 96, Stoke City and Newcastle United, only touched the ball a few times in their 2-1 second-leg win, but it was a night he is likely to remember for a long time.
He pounced on a rare mistake by Bayern keeper Manuel Neuer, stabbing the ball into the net to equalise for Madrid in the 88th minute, and just under three minutes later, he volleyed them into the lead from a cross by Antonio Rudiger.
"I don't know anything about being a hero, but I'm very happy... You can imagine," he said. "It was incredible, something spectacular. This team never gives up, it's in its blood to fight to the end and that's what we've done.
"You always dream of this kind of performance, but not even my most beautiful dreams are as big as what happened today."
On loan from second-division side Espanyol, Joselu's journey to becoming the semi-final hero has been long and winding in a career involving a dozen clubs across Europe.
He began his career at Celta Vigo before being bought in 2009 by Madrid, where he excelled in their B team but rarely made it to the first team.
He was sold to Bundesliga side Hoffenheim in 2012 and then loaned to Eintracht Frankfurt before joining Hannover 96 in 2014.
In 2015, he moved to Premier League side Stoke City, playing 27 times and scoring four goals, before spending two seasons at Newcastle United. He returned to Spain with Alaves, where he scored 36 times in three seasons.
He signed as a free agent with Espanyol in the summer of 2022, and a year later was loaned to Madrid and has scored nine goals in 32 appearances this season in LaLiga.
Joselu, born in Stuttgart, Germany, made his debut for Spain aged 33, coming off the bench against Norway to score twice in two minutes in March 2023.
"I don’t think Joselu will be sleeping much tonight, he’ll be useless in training tomorrow!" team-mate Jude Bellingham said. "He deserves it all, he’s been an amazing member of the squad all season, and it’s his night."
Tuchel: Champions League semi-final defeat 'tough to accept'
Thomas Tuchel reflects on "tough to accept" defeat after Real Madrid came from behind to win 2-1 and knock Bayern Munich out of the Champions League on Wednesday.
After a 2-2 draw in the first leg of the semi-final at the Allianz Arena, Bayern took the lead in the 68th minute through Alphonso Davies.
However, Joselu came off the bench to score twice in three minutes to send the LaLiga champions to the Champions League final with a 4-3 aggregate win over Bayern.
"It hurts. It’ll take a while to recover, but on the one hand, it’s a loss where we left it all out on the pitch,” Tuchel told DAZN after the game.
"Of course, it’s tough to accept. It’s part of reality. No regrets. But on the other, there were too many injuries, a few too many substitutions, too many cramps.
"We started with a front four and by the end they were all off the pitch. And then Manu, who had been exceptional in saving us all night, made a mistake he wouldn’t make in another 100 years."
In stoppage time, Matthijs de Ligt had the ball in the back of the net, but the referee had already blown his whistle after the linesman raised his flag, so VAR could not intervene.
The replays showed that the original decision was closer than first thought, and Tuchel was frustrated with how the situation was handled.
Speaking to TNT Sports, Tuchel said: "We are almost through, it's almost there and there was a very unusual mistake from our best player for the equaliser, then we conceded the second one in stoppage time.
"Then we scored one and there was a disastrous decision from the linesman and the referee. It feels like a betrayal in the end. There was a huge fight, we left everything on the pitch, and we were almost there. Now we say congratulations to Real Madrid.
"The linesman says sorry, but that does not help. To raise the flag in a moment like this... The referee sees we get the second ball, and we get the shot - it's a very, very bad decision. It's against the rules. It's a disaster. It's hard to swallow, but that's the way it is."
Manuel Neuer made five saves in the game and looked equal to Madrid’s threat until he spilled the ball in the build-up to Joselu’s first goal.
"Anyone who’s ever played football knows how I’m feeling right now," he told DAZN.
"That we’ve been knocked out in the closing stages, having led 1-0 until the 88th minute, it’s extremely bitter.
"We’d taken one step to London; we saw ourselves in the final, and now I’m lost for words."
Super-sub Joselu strikes again as comeback kings Madrid pounce
Joselu was the hero for Real Madrid as he scored twice off the bench to send them through to the Champions League final.
The Spaniard’s late brace secured Madrid’s comeback after Alphonso Davies had given the German side the lead, securing a 2-1 victory on the night, and a 4-3 win on aggregate to set up a meeting with Borussia Dortmund on June 1.
With only 10 minutes plus stoppage time to make an impact, Joselu made his time on the pitch count.
He scored with both his shots, becoming the oldest substitute to score a brace in a knockout game in the Champions League.
The forward is Madrid’s highest scorer in the competition this season with five goals, netting three of those after coming off the bench.
It is also the second time he has scored a double against a German team in the Champions League this campaign, getting his other against Union Berlin in the group stages.
Bayern were left to rue a late lapse in concentration that saw them concede twice in the space of two minutes and 44 seconds.
After Davies, who has been heavily linked with Los Blancos, became the first Canadian player to score in the knockout stages of the Champions League, with what was his maiden goal in the competition, it was a mistake that led to Madrid's equaliser.
It is the first time since April 2021 against Paris Saint-Germain that Manuel Neuer made an error leading to an opposition goal in the competition.
Bayern have now lost 11 Champions League matches against Madrid, the most one side has lost against another in the competition’s history.
It was always going to be a tough game for Thomas Tuchel’s side even after taking the lead – Madrid have won four matches despite conceding first in the Champions League this season, the most by a side in a single campaign since they won the trophy in 2016-17 (five).
Los Blancos have reached an 18th final in the European Cup/Champions League, but this is the first time they will play the showcase game at Wembley or in England altogether.
Meanwhile, Carlo Ancelotti has reached his sixth Champions League final, two more than any other coach in the history of the competition.
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