INEOS Minority Investment.

Key Figures · INEOS Deal

Deal announced

Dec 2023

Completed

Feb 2024

Stake acquired

27.7%

Class A and Class B shares

Total investment

~£1.25Bn

$1.6Bn · incl. $300M infra pledge

Glazer voting control

~69.1%

Retained post-transaction

Overview

The INEOS transaction refers to the acquisition of a minority shareholding in Manchester United plc by Sir Jim Ratcliffe, chairman of INEOS Group, conducted through his wholly-owned Isle of Man vehicle, Trawlers Limited.¹ The transaction was announced on 24 December 2023, completed on 20 February 2024, and resulted in Ratcliffe holding approximately 27.7% of both Class A and Class B ordinary shares following a primary share issuance.²

This entry documents the transaction structure, capital commitments, governance consequences, leadership changes, and workforce restructuring through to January 2026. It does not evaluate sporting performance or ownership quality.

Sale Process and Transaction Structure

The Glazer family announced their openness to a sale or new investment on 22 November 2022.³ Sheikh Jassim bin Hamad Al Thani submitted an initial bid for 100% of the club in February 2023; INEOS confirmed a competing bid for majority ownership the following day.⁴ Early bids were reported at up to £4.5 billion, against a Glazer valuation of £6 billion.⁵

Sheikh Jassim submitted a fifth bid in August 2023 before withdrawing in October 2023, declining to raise his offer above approximately $6 billion.⁶ Under the December 2023 agreement, Trawlers Limited acquired 25% of the Class B shares and initiated a tender offer for up to 25% of Class A shares at $33.00 per share.⁷ The transaction was stated to be fully funded by Trawlers Limited without any debt.⁷

Upon completion, $200 million was invested through a primary share issuance, increasing Ratcliffe's holding to approximately 27.7% of both share classes.² A further $100 million was invested by 31 December 2024, raising the stake to approximately 28.9%.⁸ Total investment was approximately $1.6 billion (£1.25 billion).⁹

Governance and Control

Manchester United operates a dual-class share structure. Each Class B share confers ten times as many votes as a Class A share.¹⁰ The six Glazer siblings collectively held approximately 1.7 million Class A shares and 82.7 million Class B shares as of April 2024, representing approximately 48.8% of outstanding units and approximately 69.1% of total voting power.¹¹ Ratcliffe's holding comprised both Class A and Class B shares in equal proportions - a proportionate rather than amplified voting position.¹⁰ Voting control of the club remained with the Glazer family.

Under the December 2023 agreement, INEOS was granted two seats on the Manchester United plc board and two seats on the Manchester United Football Club board.⁷ The deal was the first assessed under the Premier League's updated owners' and directors' test, approved by member clubs in March 2023.²

The agreement formally delegated responsibility for football operations to INEOS, while commercial operations - including commercial revenues, partnerships, and ticketing - were reported to remain under the Glazer family's oversight.¹²

Workforce Restructuring

INEOS ordered three rounds of workforce redundancy. Approximately 250 positions were eliminated in summer 2024,¹³ a further 150–200 in February 2025,¹⁴ and a further wave of up to 200 began in May 2025.¹⁵ Total redundancies under INEOS were estimated at approximately 450 in under two years - representing over 40% of the club's approximate June 2023 workforce.¹⁵

INEOS appointed Interpath Advisory, a corporate restructuring firm, to analyse cost reduction.¹³ Sir Alex Ferguson's paid ambassadorial role, reported at approximately £2 million per year, was ended in October 2024.¹⁶ The club's second-quarter NYSE accounts disclosed £14.5 million in exceptional items covering the departures of Erik ten Hag and Dan Ashworth.¹⁷

Financial Performance Post-Transaction

Manchester United reported a net loss of £113.2 million for the year ending 30 June 2024 - the fifth consecutive year of losses - against record revenues of £661.8 million.¹⁸ For 2024/25, revenues of £666.5 million were reported alongside a net loss of £33 million, a sixth consecutive year of losses.¹⁹ Employee benefit expenses fell by £51.5 million (14.1%) year-on-year.¹⁹

Summary

The INEOS transaction completed in February 2024 transferred operational control of football activities to Sir Jim Ratcliffe while leaving voting control firmly with the Glazer family. The dual-class share structure means Ratcliffe's 27.7% economic stake corresponds to a proportionate - not amplified - voting position, with the Glazers retaining approximately 69.1% of total votes.

The total investment of approximately £1.25 billion comprised share acquisition and a $300 million infrastructure pledge. This pledge does not reduce the club's existing debt obligations, which stood at approximately £640 million at completion.

In the two years following completion, INEOS oversaw three rounds of workforce reduction totalling approximately 450 redundancies, a 14.1% reduction in the wage bill, and six consecutive years of net losses - including £113.2 million in 2023/24 and £33 million in 2024/25 against record revenues. This entry does not attribute these outcomes to any specific ownership or management decision.