Manchester United Football Club will on Sunday confirm the sale of a 25% stake to the billionaire petrochemicals tycoon Sir Jim Ratcliffe.
Sky News has learnt that an announcement will be made later which will bring an end to 13 months of talks about a potential takeover of the Old Trafford club.
Sources said that United and Sir Jim’s Ineos Sport would confirm that he is acquiring the interest for $33-a-share (£26), confirming a report last month by Sky News.
The deal, which will come amid a torrid season for the Red Devils on the pitch, will see Sir Jim take control of the club’s footballing affairs once it is approved by the Premier League – a process expected to take between six and eight weeks.
He will inject $300m (£237m) into the club for investment in its infrastructure, taking his immediate outlay to roughly $1.5bn (£1.2bn).
Sir Jim will nominate two representatives to join the United board.
The deal, which Sky News revealed details of last month, will be structured as a tender offer to acquire 25% of the listed A-shares.
The Glazers will also sell 25% of their B-shares, which carry greater voting rights, to Sir Jim as part of the deal.
The additional investment from Sir Jim is likely to be welcome by United fans who believe the club has been starved of investment under the Glazers’ ownership.
Image: Manchester United fans let off flares as they protest against the Glazer family in 2021
However, United’s home is likely to need far more than £245m to deliver the overhaul that is required to turn it into one of the world’s elite football stadia once more.
The redevelopment will be financed personally by the billionaire and will not add to Manchester United’s existing borrowings.
Sir Jim’s purchase of a 25% stake in the Red Devils will be confirmed more than a year after the Glazer family, which has controlled the club since 2005, began formally exploring a sale.
The Financial Times reported earlier on Sunday that Sir Jim’s investment had been delayed by concerns about protections for minority shareholders.
These concerns have now been overcome, according to insiders.
The deal between the Glazers and Sir Jim comes after months of negotiations with several potential buyers, including the Qatari businessman Sheikh Jassim bin Hamad al-Thani, who wanted to acquire full control of the club. United lost 2-0 at West Ham on Saturday to leave the club facing an uphill struggle to qualify for next season’s Champions’ League.
Several other key questions remain about United’s future ownership, including whether Sir Jim will ultimately seek overall control of the club.
Some United fans have expressed disquiet at the prospect of Sir Jim buying a minority stake given that it paves the way for the Glazers’ continued presence at Old Trafford.
Image: Manchester United, playing in white, continued their poor form this season by losing 2 – 0 to West Ham
The family, who paid just under £800m to buy the club in 2005, has remained inscrutable throughout the process and has said nothing of substance to the NYSE since the process of engaging with prospective buyers kicked off.
Earlier iterations of Sir Jim’s offers for the club, which focused on gaining outright control, included put-and-call arrangements that would become exercisable three years after a takeover to enable him to buy out the remainder of the club’s shares.
The Monaco-based billionaire, who owns the Ligue 1 side Nice, pitched a restructured deal in October in an attempt to unblock the ongoing impasse over United’s future.
In addition to the competing bids from Sir Jim and Sheikh Jassim, the Glazers received several credible offers for minority stakes or financing to fund investment in the club.
Part of the Glazers’ justification for attaching such a huge valuation to the club resides in the possibility of it gaining greater control in future of its lucrative broadcast rights, alongside a belief that arguably the world’s most famous sports brand can be commercially exploited more effectively.
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From November 2022: Manchester United owner Avram Glazer confronted by Sky News in Palm Beach
The Glazers’ tenure has been dogged by controversy and protests, with the absence of a Premier League title since Sir Alex Ferguson’s retirement as manager in 2013 fuelling fans’ anger at the debt-fuelled nature of their takeover.
Fury at its proposed participation in the ill-fated European Super League project in 2021 crystallised supporters’ desire for new owners to replace the Glazers.
Confirming the launch of the strategic review last November, Avram and Joel Glazer said: “The strength of Manchester United rests on the passion and loyalty of our global community of 1.1bn fans and followers.
“We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the club today and in the future.”
The Glazers listed a minority stake in the company in New York in 2012. Ineos and Mancheser United both declined to comment.
A nationwide police operation to track down those in grooming gangs has been announced by the Home Office.
The National Crime Agency (NCA) will target those who have sexually exploited children as part of a grooming gang, and will investigate cases that were not previously progressed.
Home Secretary Yvette Cooper said in a statement: “The vulnerable young girls who suffered unimaginable abuse at the hands of groups of adult men have now grown into brave women who are rightly demanding justice for what they went through when they were just children.
“Not enough people listened to them then. That was wrong and unforgivable. We are changing that now.
“More than 800 grooming gang cases have already been identified by police after I asked them to look again at cases which had closed too early.
“Now we are asking the National Crime Agency to lead a major nationwide operation to track down more perpetrators and bring them to justice.”
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Starmer to launch new grooming gang inquiry
The NCA will work in partnership with police forces around the country and specialist officers from the Child Sexual Exploitation Taskforce, Operation Hydrant – which supports police forces to address all complex and high-profile cases of child sexual abuse – and the Tackling Organised Exploitation Programme.
It comes after Sir Keir Starmer announced a national inquiry into child sex abuse on Saturday, ahead of the release of a government-requested audit into the scale of grooming gangs across the country, which concluded a nationwide probe was necessary.
The prime minister previously argued a national inquiry was not necessary, but changed his view following an audit into group-based child sexual abuse led by Baroness Casey, set to be published next week.
Ms Cooper is set to address parliament on Monday about the findings of the near 200-page report, which is expected to warn that white British girls were “institutionally ignored for fear of racism”.
One person familiar with the report said it details the institutional failures in treating young girls and cites a decade of lost action from the Independent Inquiry into Child Sexual Abuse (IICSA), set up in 2014 to investigate grooming gangs in Rotherham.
The report is also expected to link illegal immigration with the exploitation of young girls.
Career spy Blaise Metreweli will become the first woman to head MI6 in a “historic appointment”, the prime minister has announced.
She will take over from Sir Richard Moore as the 18th Chief, also known as “C”, when he steps down in the autumn.
“The historic appointment of Blaise Metreweli comes at a time when the work of our intelligence services has never been more vital,” Sir Keir Starmer said in a statement released on Sunday night.
“The United Kingdom is facing threats on an unprecedented scale – be it aggressors who send their spy ships to our waters or hackers whose sophisticated cyber plots seek to disrupt our public services.”
Of the other main spy agencies, GCHQis also under female command for the first time.
Anne Keast-Butler took on the role in 2023, while MI5 has previously twice been led by a woman.
Until now, a female spy chief had only headed MI6– also known as the Secret Intelligence Service (SIS) – in the James Bond movies.
Image: Blaise Metreweli is the first woman to be named head of MI6. Pic: Reuters
Dame Judi Dench held the fictional role – called “M” in the films instead of “C” – between 1995 and 2015.
Ms Metreweli currently serves as “Q”, one of four director generals inside MI6.
The position – also made famous by the James Bond films, with the fictional “Q” producing an array of spy gadgets – means she is responsible for technology and innovation.
Ms Metreweli, a Cambridge graduate, joined MI6 in 1999.
Unlike the outgoing chief, who spent some of his service as a regular diplomat in the foreign office, including as ambassador to Turkey, she has spent her entire career as an intelligence officer.
Much of that time was dedicated to operational roles in the Middle East and Europe.
Ms Metreweli, who is highly regarded by colleagues, also worked as a director at MI5.
In a statement, she said she was “proud and honoured to be asked to lead my service”.
“MI6 plays a vital role – with MI5 and GCHQ – in keeping the British people safe and promoting UK interests overseas,” she said.
“I look forward to continuing that work alongside the brave officers and agents of MI6 and our many international partners.”
Sir Richard said: “Blaise is a highly accomplished intelligence officer and leader, and one of our foremost thinkers on technology. I am excited to welcome her as the first female head of MI6.”
A woman has died after falling into the water at a popular beauty spot in the Scottish Highlands.
The 23-year-old had fallen into the water in the Rogie Falls area of Wester Ross.
Police Scotland confirmed emergency services attended the scene after being called at 1.45pm on Saturday.
“However, [she] was pronounced dead at the scene,” a spokesperson said.
“There are no suspicious circumstances and a report will be submitted to the Procurator Fiscal.”
Rogie Falls are a series of waterfalls on the Black Water, a river in Ross-shire in the Highlands of Scotland. They are a popular attraction for tourists on Scotland’s North Coast 500 road trip.