Man Utd confirm Sir Jim Ratcliffe as minority owner after FA and Premier League approval
The Glazer family has broken their silence after Manchester United confirmed that Sir Jim Ratcliffe is now officially a co-owner of the club.
On Tuesday Evening United released a statement that read: "Manchester United is pleased to confirm that Sir Jim Ratcliffe has completed his 27.7% acquisition of the club, following approval of all conditions, including the FA and the Premier League."
The deal is worth around £1.03 billion, and Ratcliffe will invest a further $100 million by December 24, 2024.
The extra funds are intended to enable future investment in infrastructure at Old Trafford.
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The British billionaire and president of chemicals firm INEOS will oversee footballing operations at Old Trafford alongside right-hand man Sir Dave Brailsford.
Omar Berrada has been appointed as United's new chief executive, and Ratcliffe hopes to appiont Newcastle sporting director Dan Ashworth in the coming months.
Joel Glazer, United's Executive Co-Chairman, said: “I would like to welcome Sir Jim as co-owner and look forward to working closely with him and INEOS Sport to deliver a bright future for Manchester United."
Sir Jim Ratcliffe said: "To become co-owner of Manchester United is a great honour and comes with great responsibility. This marks the completion of the transaction, but just the beginning of our journey to take Manchester United back to the top of English, European and world football, with world-class facilities for our fans.
"Work to achieve those objectives will accelerate from today."
United are expected to have a busy summer transfer window with one of Ratcliffe's main aims to overhaul the playing squad.
United are hoping to bring in Newcastle United sporting director Dan Ashworth to oversee their summer recruitment, although he has been placed on gardening leave after informing Newcastle of his intention to leave the club.
The Magpies are demanding a £20 million fee to terminate Ashworth's contract, which is not due to expire until 2026.
Topics: Sir Jim Ratcliffe, Premier League, Football, Man Utd
Alex Brotherton