Manchester United has confirmed the sale of a 25% stake to the British billionaire petrochemicals tycoon Sir Jim Ratcliffe.
The Manchester United Supporters Trust (MUST) has said fans have “mixed feelings” following the sale and they “remain sceptical” because the Glazer family, which is deeply unpopular with supporters, still runs the club.
MUST said in a statement: “During 18 years of debt, decay and mismanagement, Manchester United fans have loudly and consistently called for change at our club.
“When the so-called strategic review was announced nearly a year ago, it finally appeared that the sale of the club was on the horizon, potentially bringing the new investment and new direction MUFC so clearly needs.
“Against that backdrop, fans have very mixed feelings today. We welcome the investment from a boyhood red, Sir Jim Ratcliffe and his Ineos company, but many will wish his ownership stake was greater than the initially rumoured 25%… But with the Glazers still in charge, people should understand that United fans will remain sceptical and wait for the proof in the pudding.”
Image: Manchester United fans let off flares as they protest against the Glazer family in 2021
Sources said earlier that United and Sir Jim’s Ineos Sport would confirm that he is acquiring the interest for $33-a-share (£26).
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The deal, which comes after 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, chairman of the chemical company Ineos, will nominate Sir Dave Brailsford and Jean-Claude Blanc to join the club’s board once the purchase is approved.
He will also delegate seats on Man United PLC board to Ineos shareholder John Reece and Ineos Sport chair Rob Nevin.
The British billionaire will acquire up to 25% of Manchester United’s listed A-shares of part of the deal.
The Glazers have also sold 25% of Manchester United’s B-shares, which carry greater voting rights, to Sir Jim as part of the deal.
Image: Manchester United, playing in white, continued their poor form this season by losing 2 – 0 to West Ham
Sir Jim said after the deal was confirmed: “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.
“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. We will bring the global knowledge, expertise and talent from the wider Ineos sport group to help drive further improvement at the club, while also providing funds intended to enable future investment into Old Trafford.
“We are here for the long term and recognise that a lot of challenges and hard work lie ahead, which we will approach with rigour, professionalism and passion. We are committed to working with everyone at the club – the board, staff, players and fans – to help drive the club forward.”
The Manchester United Supporters Trust statement in full
During 18 years of debt, decay and mismanagement, Manchester United fans have loudly and consistently called for change at our club.
When the so-called strategic review was announced nearly a year ago, it finally appeared that the sale of the club was on the horizon, potentially bringing the new investment and new direction MUFC so clearly needs.
Against that backdrop, fans have very mixed feelings today.
We welcome the investment from a boyhood red, Sir Jim Ratcliffe and his INEOS company, but many will wish his ownership stake was greater than the initially rumoured 25%.
We note the statements that he and his team will control sporting activities, yet puzzle how any organisation can put its very core business in the hands of a minority shareholder, and how that meaningfully works in practice.
It is now incumbent on the club’s owners and management to properly explain how this new structure will work, where the new investment will be directed and how it will benefit the team on the field.
As the supporters trust, we expect to have discussions with the club management and the INEOS team in the near future to understand their plans, and to put to them the very many questions fans have today.
Today might – just might – be a step forward for Manchester United after some very difficult years.
But with the Glazers still in charge, people should understand that United fans will remain sceptical and wait for the proof in the pudding.
Manchester United’s executive co-chairmen and directors, Avram Glazer and Joel Glazer, said: “We are delighted to have agreed this deal with Sir Jim Ratcliffe and Ineos. As part of the strategic review we announced in November 2022, we committed to look at a variety of alternatives to help enhance Manchester United, with a focus on delivering success for our men’s, women’s and academy teams.
“Sir Jim and Ineos bring a wealth of commercial experience as well as significant financial commitment into the club. And, through Ineos Sport, Manchester United will have access to seasoned high-performance professionals, experienced in creating and leading elite teams from both inside and outside the game. Manchester United has talented people right across the club and our desire is to always improve at every level to help bring our great fans more success in the future.”
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From November 2022: Manchester United owner Avram Glazer confronted by Sky News in Palm Beach
United fans will welcome the deal – but their Old Trafford 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 has been confirmed more than a year after the Glazer family, which has controlled the club since 2005, began formally exploring a sale.
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.
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.