18 January 2024 , 11:13
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Ed Woodward may have left Manchester United 20 months ago, but he is still about to land a gigantic payday.
Woodward is a key figure in United’s recent history, having served as the club’s executive vice-chairman from May 2013 to February 2022. He is a hugely divisive figure at United, having overseen a spend in excess of £1billion on players during his time in charge at Old Trafford in return for little success.
The 52-year-old helped the Glazer family complete their takeover of United in 2005 and tendered his resignation in April 2021 after backing the disastrous European Super League. He eventually left the club in April 2022, with Richard Arnold taking on the top job.
But while he has moved on, and found himself a new gig in artificial intelligence in November, Woodward still has an interest at United. That’s because he owns shares in the club – shares that are about to make him even wealthier.
The Athletic notes that Woodward owns 551,486 Class A shares in United. That is extremely significant given that Sir Jim Ratcliffe is about to buy 25 per cent of the club’s shares in exchange for £1.3billion. After a protracted takeover process, which began in November 2022, the deal was announced on December 24 and will be officially signed off in the coming weeks.
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The takeover means that Woodward and other private shareholders can sell 25 per cent of their shares at $33 per share. For Woodward that equates to $4.5million (£3.55m) – a tidy payday for the former executive and Glazer associate. Woodward is no stranger to massive paydays from United, having raked in £2,916,000 from the club in wages during 2021 and £3,087,000 the previous year. That pay packet made him comfortably the Premier League ’s highest paid executive.
He is not the only former United employee about to become richer when Ratcliffe’s deal goes through. His successor Arnold, who stepped down in November ahead of INEOS’ arrival, owns 240,019 Class A shares, which will be worth a tidy £1.56m if he sells up to Ratcliffe. Meanwhile, United’s interim chief executive officer and general counsel Patrick Stewart and chief financial officer Cliff Baty are awaiting a completion bonus for the deal. That will be worth twice their annual salary.
Ed Woodward and Richard Arnold have both left Manchester United (Simon Stacpoole/Getty Images)Ratcliffe has struck a deal to buy 25 per cent of the Class B shares held by the Glazer family and up to 25 per cent of all Class A shares at a price of $33 (£26). INEOS prevailed from an initial group of 170 interested parties, with 26 signing non-disclosure agreements and eight reaching the second round of the process before it boiled down to Ratcliffe vs Sheikh Jassim.
Documents from the United States Securities and Exchange Commission, which were released on Wednesday, reveal that Raine Group – the merchant bank who oversaw the process for the Glazers – were paid $31.5m (£24.9m) for their services.