The deal would see Ratcliffe’s company purchase 25% of the Class B shares held by the Glazer family, who have owned United since 2005. He will also initiate a tender offer to buy up to 25% of the Class A shares.
The Glazers and Class A shareholders will receive $33 per share under the agreement.
As part of the deal, INEOS will be given responsibility to manage United’s football operations, including the men’s and women’s teams and academies.
“We are delighted to have agreed this deal with Sir Jim Ratcliffe and INEOS,” said United co-chairmen Avram and Joel Glazer in a statement.
“Sir Jim and INEOS bring commercial experience and significant financial commitment into the club,” they added.
Ratcliffe, a lifelong United fan, said he was “pleased” to reach an agreement that gives INEOS “management responsibility of the football operations.”
“Our shared ambition is clear: we all want to see Manchester United back where we belong, at the very top of English, European and world football,” he stated.
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