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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.

Analysis: Man Utd fans will be hoping this is the beginning of the end for the Glazers

Manchester United fans let off flares as they protest against the Glazer family in 2021
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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.

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Manchester United, playing in white, continued their poor form this season by losing 2 - 0 to West Ham
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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.

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Boy, 14, dies and another boy, 13, in critical condition after entering River Tyne

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Boy, 14, dies and another boy, 13, in critical condition after entering River Tyne

A 14-year-old boy has died and a 13-year-old boy is in a critical condition after getting into difficulty in the River Tyne.

Emergency teams launched a large rescue operation yesterday afternoon after receiving reports two boys had got into trouble in the water near Ovingham, Northumberland.

One of the boys, aged 13, was rescued from the river and taken to hospital, where he remains “in a critical condition”, Northumbria Police said in a statement on Sunday morning.

Ovingham Bridge on the River Tyne which connects Ovingham with Prudhoe. Pic: Google Streetview
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Ovingham Bridge on the River Tyne connects Ovingham with Prudhoe. Pic: Google Street View

Police cordon set up near Prudhoe, across the River Tyne from Ovingham
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Police cordon set up near Prudhoe, across the River Tyne from Ovingham

A huge search, which involved the police, ambulance, fire and mountain rescue services, then continued as crews raced to find the second boy.

“Sadly, the 14-year-old’s body was later found in the water and he was pronounced dead at the scene,” police said.

Police cordon set up near Prudhoe, across the river from Ovingham
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A police cordon was set up across a footpath near Prudhoe, across the River Tyne from Ovingham

Chief Superintendent Helena Barron, of Northumbria Police, said it was an “absolutely tragic incident”.

She added: “Our thoughts are with the families of both boys at this difficult time as we continue to support them.

“A number of agencies were involved in the incident and their support was hugely appreciated.

“It is with great sadness that we could not provide a more positive update.”

Police said the parents of both boys are being supported by specially-trained officers.

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Sir Jim Ratcliffe scolds Tories over handling of economy and immigration after Brexit

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Sir Jim Ratcliffe scolds Tories over handling of economy and immigration after Brexit

Billionaire Sir Jim Ratcliffe has told Sky News that Britain is ready for a change of government after scolding the Conservatives over their handling of the economy and immigration after Brexit.

While insisting his petrochemicals conglomerate INEOS is apolitical, Sir Jim backed Brexit and spent last weekend with Labour leader Sir Keir Starmer at Manchester United – the football club he now runs as minority owner.

“I’m sure Keir will do a very good job at running the country – I have no questions about that,” Sir Jim said in an exclusive interview.

“There’s no question that the Conservatives have had a good run,” he added. “I think most of the country probably feels it’s time for a change. And I sort of get that, really.”

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Man Utd ‘is a very big challenge’

Sir Jim was a prominent backer of leaving the European Union in the 2016 referendum but now has issues with how Brexit was delivered by Tory prime ministers.

“Brexit sort of unfortunately didn’t turn out as people anticipated because… Brexit was largely about immigration,” Sir Jim said.

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“That was the biggest component of that vote. People were getting fed up with the influx of the city of Southampton coming in every year. I think last year it was two times Southampton.

“I mean, no small island like the UK could cope with vast numbers of people coming into the UK.

“I mean, it just overburdens the National Health Service, the traffic service, the police, everybody.

“The country was designed for 55 or 60 million people and we’ve got 70 million people and all the services break down as a consequence.

“That’s what Brexit was all about and nobody’s implemented that. They just keep talking about it. But nothing’s been done, which is why I think we’ll finish up with the change of government.”

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UK needs to get ‘sharper on the business front’

Prime Minister Rishi Sunak has indicated an election is due this year but Monaco-based Sir Jim is unimpressed by the Conservatives’ handling of the economy.

“The UK does need to get a bit sharper on the business front,” he said. “I think the biggest objective for the government is to create growth in the economy.

“There’s two parts of the economy, there’s the services side of the economy and there’s the manufacturing side. And the manufacturing, unfortunately, has been sliding away now for the last 25 years.

“We were very similar in scale to Germany probably 25 years ago.

“But today we’re just a fraction of where Germany is and I think that isn’t healthy for the British economy… particularly when you think the north of England is very manufacturing based, and that talks to things like energy competitiveness, it talks to things like, why do you put an immensely high tax on the North Sea?

Analysis: Labour on ‘smoked salmon offensive’ – and it’s working


Rob Powell Political reporter

Rob Powell

Political correspondent

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Sir Jim Ratcliffe’s comments carry weight because of who he is.

A billionaire business boss and Brexit backer who employs thousands of people should be naturally allied to the Tories.

Instead he seems to be calling time on them. Symbolically, that matters.

But what’s more important is that this mirrors what appears to be going on in business more broadly.

Labour has made a concerted effort to woo the private sector, with senior figures embarking on a “smoked salmon offensive” of breakfast meetings with top executives. And it’s working.

Commerce events held by Labour now pack out as firms pick up on the electoral direction of travel. Tensions still exist though.

Labour plans for a strengthening of workers’ rights and union power unnerve some.

Then there’s the persistent worry about the wider instincts of the party towards the commercial sector.

Or to put it another way, there are plenty of people in Labour that think someone like Sir Jim – a billionaire petro-chemical boss based in tax-free Monaco – is not part of the solution, but part of the problem.

“That just disincentivises people from finding hydrocarbons in the North Sea, in energy.

“And what we need is competitive energy. So I mean, in America, in the energy world, in the oil and gas world, they just apply a corporation tax to the oil and gas companies, which is about 30%. And in the UK we’ve got this tax of 75% because we want to kill off the oil and gas companies.

“But if we don’t have competitive energy, we’re not going to have a healthy manufacturing industry. And that just makes no sense to me at all. No.”

‘We’re apolitical’

Asked about INEOS donating to Labour, Sir Jim replied: “We’re apolitical, INEOS.

“We just want a successful manufacturing sector in the UK and we’ve talked to the government about that. It’s pretty clear about our views.”

Sir Jim was keener to talk about the economy and politics than his role at struggling Manchester United, which he bought a 27.7% stake in from the American Glazer family in February – giving him an even higher business profile.

Old Trafford stadium in Manchester. Pic: AP
Image:
Old Trafford stadium in Manchester. Pic: AP

Push for stadium of the North

He is continuing to push for public funds to regenerate Old Trafford and the surrounding areas despite no apparent political support being forthcoming. Sir Keir was hosted at the stadium for a Premier League match last weekend just as heavy rain exposed the fragility of the ageing venue.

“There’s a very good case, in my view, for having a stadium of the North, which would serve the northern part of the country in that arena of football,” Sir Jim said. “If you look at the number of Champions League the North West has won, it’s 10. London has won two.

“And yet everybody from the North has to get down to London to watch a big football match. And there should be one [a large stadium] in the North, in my view.

“But it’s also important for the southern side of Manchester, you know, to regenerate.

“It’s the sort of second capital of the country where the Industrial Revolution began.

“But if you have a regeneration project, you need a nucleus or a regeneration project and having that world-class stadium there, I think would provide the impetus to regenerate that region.”

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Strictly Come Dancing star Giovanni Pernice denies claims of ‘abusive or threatening behaviour’ on show

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Strictly Come Dancing star Giovanni Pernice denies claims of 'abusive or threatening behaviour' on show

Strictly Come Dancing star Giovanni Pernice has rejected allegations that he displayed “abusive or threatening behaviour” while working as a professional dancer on the show.

The 33-year-old Italian dancer said he was “surprised” amid reports the BBC is looking into complaints about his conduct.

A legal firm acting on behalf of the complainants said the broadcaster is “evidence gathering” – but the BBC has not confirmed that any probe has been launched.

In the statement shared on Instagram, Pernice wrote: “To my dear fans, you will be as surprised as I am that allegations have been made about my dance teaching methods in the media this week.

“Of course, I reject any suggestion of abusive or threatening behaviour, and I look forward to clearing my name.”

He added: “Those who have followed my journey on Strictly Come Dancing over the last decade will know that I am passionate and competitive.

“No one is more ambitious for my dance partners than me.

“I have always striven to help them be the very best dancers they can be.

“This has always come from a place of love and wanting to win – for me and my dance partners.”

Pernice signed off the message by writing: “Thank you all once again for your continued love and support! Giovanni.”

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A statement from law firm Carter-Ruck to the PA news agency said: “There have been numerous serious complaints made to the BBC who are now in the process of evidence gathering.

“As it is still an ongoing matter no further comment can be made at this stage.”

The Sun, which first reported suggestions that an investigation was underway, also claimed Pernice had quit the show.

Neither the BBC nor Pernice has confirmed his departure.

Sicily-born Pernice has been on the BBC One celebrity dancing show since 2015.

In 2021, he lifted the Strictly glitterball trophy for the first time alongside EastEnders star Rose Ayling-Ellis, who was the first deaf contestant to win. He had appeared in three show finals previously.

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He also holds the Guinness World Record for most jive kick and flicks in 30 seconds, which he achieved on the BBC’s Strictly It Takes Two show in 2016.

The BBC was approached by Sky News but declined to comment.

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