20 February 2024 , 21:18
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INEOS' 25 per cent takeover of Manchester United has finally been completed.
Sir Jim Ratcliffe's group can now officially get to work on overhauling the club's structures after the Premier League and Football Association granted approval to the £1.3bn deal and final checks and balances were completed.
The partial takeover was first announced on Christmas Eve but remained subject to ratification from the governing bodies, with numerous filings sent to the United States' Securities and Exchange Commission and Ratcliffe along with other key INEOS figures passing the owners' and directors' test.
But that has not stopped INEOS from laying early foundations at United - with deals agreed to bring in Omar Berrada from Manchester City as the new chief executive, while Newcastle sporting director Dan Ashworth has been placed on gardening leave after communicating his desire to move to Old Trafford. United are also urgently pressing ahead with plans to turn the stadium into a so-called Wembley of the north.
Speaking after the completion was announced on Tuesday evening, Ratcliffe said: "To become co-owner of Manchester United is a great honour and comes with great responsibility.
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"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.”
Chairman Joel Glazer, whose family retain the biggest share in the club despite protests from supporters, added: “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 Dave Brailsford, the former British Cycling chief, will serve as Ineos' day-to-day point man at United having stepped away from his role in charge of their cycling team. He has been working at United's Carrington training ground since January. INEOS Sport's chief executive Jean-Claude Blanc will take a seat on the club's new-look board.
Ratcliffe sat next to Sir Alex Ferguson during United's Premier League game against Tottenham last month and has had sit down meetings with supporters' groups to outline his plans and hear their views.
Renovating Old Trafford is high on Sir Jim Ratcliffe's agenda. (PA)Speaking in December, Ratcliffe said: "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.”
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