Manchester United reaches agreement for Jim Ratcliffe to acquire up to 25% stake

Manchester United announced that it has entered into an agreement under which Chairman of INEOS, Jim Ratcliffe, will acquire 25% of Manchester United’s Class B shares and up to 25% of Manchester United’s Class A shares and provide an additional $300M intended to enable future investment into Old Trafford. As part of the transaction, INEOS has accepted a request by the Board to be delegated responsibility for the management of the Club’s football operations. This will include all aspects of the men’s and women’s football operations and Academies, alongside two seats on the Manchester United board and the Manchester United Football Club boards. 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 transaction is subject to customary regulatory approvals and all parties are hopeful it will be completed as soon as possible. Under the terms of the transaction agreements, Trawlers Limited will acquire 25% of the Class B ordinary shares of the company, par value $0.0005 per share, and initiate a tender offer to acquire up to a number of shares that, at launch, will represent 25% of the Class A ordinary shares of the company, par value $0.0005 per share, in each case at a price of $33.00 per share in cash. Subject to a sufficient number of Class A shares being tendered in the offer, Trawlers Limited would own 25% of the Club following the closing of the transaction. The transaction will be fully funded by Trawlers Limited without any debt.