Manchester United plc (NYSE: MANU), has announced that it has entered into an agreement under which Chairman of INEOS, Sir Jim Ratcliffe, will acquire 25% of Manchester United’s Class B shares and up to 25% of Manchester United’s Class A shares and provide an additional US$300 million intended to enable future investment into Old Trafford. As part of the transaction, INEOS has accepted a request by the Board to be delegated responsibility for the management of the Club’s football operations. This will include all aspects of the men’s and women’s football operations and Academies, alongside two seats on the Manchester United PLC board and the Manchester United Football Club boards. Completion of the deal is subject to receiving all necessary regulatory approvals including from the Premier League.
Latham & Watkins LLP represents Manchester United in the transaction with a corporate deal team led by New York M&A partners Justin Hamill, Ian Nussbaum, and Robert Katz, with Chicago associate Sean Parish. New York partners Marc Jaffe, Ian Schuman, and Benjamin Cohen advised on capital markets matters.
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