Man Utd’s board will meet on Thursday evening after reports from Sky Sports of progress in the £1.3 billion takeover bid for 25% of the club made by the founder and CEO of INEOS, Sir Jim Ratcliffe.
A local lad and business magnate with other football interests – here is all you need to know about United’s new owner.
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Who is Sir Jim Ratcliffe?
Man Utd 25% Sale Approaches ‘Endgame’
In their report, Sky Sports’ Kaveh Solhekol claimed that the deal between The Glazers and INEOS is nearing completion “We’re approaching the endgame and I think that is going to be Sir Jim Ratcliffe buying at least a minority stake to begin.
With a potential new owner looking to close the deal quickly, Last Word on Football reveals all Man Utd fans need to know about INEOS boss Sir Jim Ratcliffe.
How Man Utd’s New Owner Made His Fortune
The British business magnate was born near Manchester in a town called Failsworth and supported the Red Devils as a child. After studying chemical engineering at the University of Birmingham, he spent several years at Esso and BP before joining Courtalds.
After leaving those companies, he worked in private equity firm Advent International, eventually leaving to make his fortune by fixing the operations of struggling oil and gas companies.
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In 1998, he founded INEOS and purchased a chemical specialist business from a former company he had owned with another investor. The deal was worth £98 million at the time. Their materials and chemicals are used in a wide variety of consumer products from phones to hand sanitizer.
After 25 years of expansion and growth, Ratcliffe still owns two-thirds of the company and while there is a variety of valuations of his net worth, Forbes places it at £15.3 billion ($18.7 billion).
A controversial figure for his stances on fracking, environmental regulations and Brexit, he currently resides in Monaco. The move to the wealthy principality was estimated by The Guardian in 2019 to have saved him and his key business allies up to £4 billion in tax.
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How Have Man Utd’s New Owner Ratcliffe’s Other Sporting Investments Gone?
Interestingly, the 71-year-old previously attempted to purchase Chelsea in a last-minute £4.5 billion offer but lost out to the consortium led by Todd Boehly and partners Clearlake Capital.
Prior to his unsuccessful move for the West London club, his company INEOS had begun its journey into football with a Swiss side, Lausanne-Sport and a French club, OGC Nice.
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Lausanne-Sport (Switzerland)
Despite being best known for ownership of OGC Nice, his first foray into football was with Lausanne-Sport, a club that had suffered bankruptcy in 2002 and welcomed the investment.
While the club have not seen the success they enjoyed in the 1960s, as a seven-time winner of the top division of Switzerland, the financial stability and building of the 12,000-capacity Stade de la Tuiliere has helped modernise the club.
However, several missteps – such as an unpopular crest re-design and kit colour changes to match INEOS’ branding – had to be reversed after fan revolts, while replacements to popular and reputable figures at the club caused a loss of goodwill amongst fans.
After a relegation that marred the fifth anniversary of INEOS ownership, the club was promoted back to the Swiss Super League and currently sits in 10th place out of 12 clubs.
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OGC Nice (France)
At first glance, fans may see the Ligue 1 side in second, sat above PSG, and mark the new ownership for success. However, the full picture is more complex.
Critics may point to the fact Nice are the joint-lowest scorers in the top 10 of the French top division, with nine goals in eight games, noting that their defensive success has covered for a lack of attacking firepower. However, fans may point to a 3-2 victory away to the Parisian champions as a reason to be very hopeful this season.
Last season under Ratcliffe’s ownership they finished ninth, the season before that, fifth, then ninth, then fifth. An unremarkable set of results considering they had finished in similar and even higher positions prior to the petrochemical giant’s takeover.
In stark contrast with Manchester United under the Glazers, they have shown some wit in the transfer market. Profits were made on the acquisition and sales of Mario Lemina, Amine Gouiri, while fans are hopeful for the futures of Terem Moffi and Jean-Clair Tobido, the latter of which was linked with a move to Old Trafford this summer.
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What Does Jim Ratcliffe Plan for Man Utd?
More important than any proposed marquee signings, INEOS’ desire to control the football aspect of the club and the recruitment of staff and players is a vital change for United fans.
Since the retirement of Sir Alex Ferguson, the Red Devils’ list of major honours is shockingly poor by their own standards and resources. Despite the largest net spend globally over the last decade – £1.19 billion, over £300 million more than the next highest spenders Chelsea – they can only boast a Europa League, an FA Cup and two League Cups.
Their ability to improve this summer was hampered by financial fair play concerns, largely caused by United’s poor recruitment. While their noisy neighbours Manchester City have hit big on transfers and shown an ability to profit from moves, the same cannot be said for red side of Manchester.
The truth is that United do not need Qatari billions to purchase superstars. They can regularly make a profit or avoid significant losses with their huge revenue and international brand deals. If INEOS can improve the recruitment structures and avoid unnecessarily flashy transfers, there is no reason that, in time, they cannot bring the club back to the glory days.
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INEOS Plan Old Trafford Improvements
Reports from The Times suggest that Ratcliffe will seek to address the lack of care given to United’s infrastructure, starting with accelerated upgrades to the leaky-roofed Old Trafford. This will supposedly include an expansion to hold 90,000 fans.
Such a plan will undoubtedly win many fans over, if the reports are true, and will signify a transition away from an ownership model of penny-pinching despite clear problems.
As for other plans, we will simply have to wait and see. It’s likely that INEOS will seek to impress fans early to win over the many fans desperate for huge sums of money from potential Qatari ownership.
However, if their co-ownership of United is to be a success, the results will be determined by crucial work in the background and not flashy signings designed to sell shirts.
