Manchester United done deal for Sir Jim – what now?
Jim Ratcliffe – All rights reserved
It’s tempting to say that Sir Jim Ratcliffe, the billionaire Monaco resident and Chairman of INEOS, gifted the Mancunian club to himself for Christmas, since the deal was finalised on December 24!
Since announcing in November 2022 that they were open to selling the club in full or in part, negotiations with the Glazer family were to say the least protracted and often uncertain. The Qatari Sheikh Jassim bin Hamad al-Thani was a long-time front-runner, but ultimately it was the debt-free INEOS bid that prevailed before the end of 2023. Subject to Premier League and other purely administrative approvals, the deal should be officially announced by “early to mid-February” according to the INEOS Chairman, speaking before the recent 2-2 draw against Spurs. Provided “they don’t find anything dodgy in our CV!” he quipped.
Advertising
What does the deal entail?
In a press release issued on the day of the agreement, INEOS announced its Chairman “will acquire 25 per cent of Manchester United’s Class B shares and up to 25 per cent of Manchester United’s Class A shares and provide an additional $300 million intended to enable future investment into Old Trafford,” the club’s iconic stadium, which has suffered from underinvestment on the Glazers’ watch.
The release continues, “INEOS has accepted a request by the Board to be delegated responsibility for the management of the Club’s football operations” in their entirety.
Positive reactions
Once the uncertainty about the buyout was over, reactions were positive in the press and elsewhere.
Avram and Joel Glazer said they were “delighted to have agreed this deal […] Sir Jim and INEOS bring a wealth of commercial experience as well as significant financial commitment into the Club.”
And lessons learned from Sir Jim’s involvement with Nice, now challengers for the French title, seem to contribute to a sense of optimism that a new era is dawning at Old Trafford.
After a win against Wigan secured a fourth-round spot in the FA Cup, Diogo Dalot described to Manchester World the ‘new energy’ in the club since INEOS arrived. “Looking forward to the future with a good energy and they are bringing that. You can feel in Carrington [Manchester United’s training facility – Ed.] already the motivation they’ve brought in and hopefully we can win a lot of things together,” said the Portuguese defender.
Speaking to the Daily Star, Erik ten Hag concurred, “It is an inspiration. Everyone is optimistic. We have had some setbacks but we will keep alive, survive it and strike back.”
A woeful start to the season
When the takeover was announced, Sir Jim Ratcliffe addressed the elephant in the room: “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.”
Quite the understatement. Manchester United suffered 14 defeats in 28 games, the worst start to a season by the club since 1930. The club is currently 8th in the Premier League, 11 points behind neighbours and rivals Manchester City and some16 points behind league leaders Liverpool, with only one win in the last 5 league matches.
The return on his investment may seem uncertain at present, but Sir Jim has made no secret of his personal attachment to the Red Devils, saying in the statement: “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.” Ahead of the Spurs match he told the press how excited he was to be on board: “I have done a few exciting things, but this caps it all. There’s no question about that.”
Sporting control
Once the deal becomes official, Sir Jim will effectively take sporting control at Old Trafford, and it is the Monegasque resident who will have the final word on how the club is run, and on transfers.
This means responsibility for success or failure will lie with him. A responsibility of which he is acutely aware, stating in an open letter to the Manchester United Supporters’ Trust (MUST) “I believe we can bring sporting success on the pitch,” and adding, “There are no guarantees in sport, and change can inevitably take time but we are in it for the long term […] I take that responsibility very seriously.”
Sir Jim and INEOS director of sport Sir Dave Brailsford got straight down to business, with Brailsford spending much of the Christmas/New Year period in Manchester, in meetings with staff, and on a fact-finding tour of the club’s facilities. He also attended a home win over Aston Villa, and an away defeat to Nottingham. As reported by The Athletic, Sir Jim joined him on January 2nd, along with future board member Jean-Claude Blanc, and “Ratcliffe will hold meetings at United’s Old Trafford stadium and Carrington training base throughout the transition period.”
Since then, Sir Dave Brailsford has resigned from INEOS Grenadiers, the cycling side of the INEOS group’s sporting interests, with Global Cycling Network stating that Brailsford has been instructed to do an audit of the club’s football operations, on what looks set to be a big overhaul at Old Trafford.
The overhaul has begun off the pitch
United doctor Gary O’Driscoll was brought in from Arsenal, and he has been tasked with carrying out a review in an effort to improve United’s record on injuries and losing players to lay-offs. The absence of key players like Luke Shaw and Lisandro Martinez this season is certainly not helping United’s performance.
Another appointment of note in Ratcliffe’s new setup is Omar Berrada, poached from historic rivals Manchester City, where he was chief football operations officer. He will join United as the new chief executive from this summer.
Shortlist of 4
The Independent newspaper reports that Sir Jim’s preferred shortlist choice is ruled out. Michael Edwards appears to be current favourite, having turned Liverpool’s fortunes around, including through some nimble transfer footwork. Should his salary demands prove an issue, his former deputy, Julian Ward, might be a good substitute, or indeed Paul Mitchell, back in the UK after leaving Monaco. The intention is to appoint the SD well ahead of the summer transfer window.
The successful candidate will work with Sir Jim to restructure the playing squad, and the transfer rumour mill is already going full pelt.
Transfer rumours
Sir Jim Ratcliffe told the press before the Tottenham game that it would be “inappropriate” to discuss possible winter transfer window opportunities as the takeover deal was not yet officially ratified.
However it is reported that the club will make at least one big centre-back signing this summer, as a replacement for Raphael Varane and competition for Lisandro Martinez. The name Gleison Bremer, the Juventus defender, often comes up in conversation, despite having recently signed a contract extension until mid 2028.
What about Nice?
An obvious candidate would be OGC Nice’s Jean-Clair Todibo. There had already been talk of Mancunian interest but the chatter is getting louder since Nice is owned by…. INEOS, making any potential transfer deal pretty straightforward.
GYM management and fans have had plenty of time to debate the matter since the INEOS bid was announced. As we reported previously, the prevailing feeling is that the Mancunian purchase does not detract from Sir Jim’s commitment to the Nice side, nor does it mean the Riviera club will become some sort of incubator – or dumping ground – for Mancunian players. Will that theory stand up to the possible Todibo test come the summer?
What now?
Rumours are rife that manager Erik ten Hag’s is on borrowed time. The Dutchman told the Manchester Evening News at the end of 2023 that he had Ineos’ backing. “I want to work with [INEOS] and they want to work with me,” he said. But with the new sporting director taking much of his power away, will he jump before he is perhaps pushed?
His fate may depend on the club’s performance in the FA Cup, the only realistic chance of silverware this season. The Red Devils are now through to the 5th round and should feel reasonably confident of going further as they face Bristol City (top of the table in League 1) or Nottingham Forest (16th in the Premier League).
With no European football to look forward to, perhaps 2023-24 is the ideal season to regroup and look forward to a brighter future. As Sir Jim said at Christmas, “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.”