The Premier League’s approval of INEOS’s agreement to acquire a 25 percent share in Manchester United is contingent upon the club consulting with the organisation over any January transfer window transactions and the future of manager Erik ten Hag.
The English football giants announced on Christmas Eve that they had reached a deal with INEOS, a chemicals company, and its chairman, Jim Ratcliffe, who was a childhood Red Devils fan. Once the regulatory approval process is finished, INEOS will take over management of football operations at Old Trafford.
Four to six weeks are estimated to pass during this process, which will extend until the January transfer window’s closure.
However, the United States Securities and Exchange Commission (SEC) filing related to the deal, which was published late Tuesday, includes a provision ensuring INEOS will be consulted on football matters while regulatory authorities finish their checks. This is because the Premier League club’s shares are traded on the New York Stock Exchange.
Talks about “appointing, dismissing or accepting the resignation of any director of football or first team manager of the company” and starting or pursuing any negotiations about the buy or sale of any player require communication between United and INEOS.
In addition, the SEC filing gives the US-based Glazer family—who still have a majority stake in United—the ability to force a complete sale in the event that they receive an offer for their shares that Ratcliffe declines to match, even though the British tycoon still has first dibs on the shares.
Dave Brailsford, the director of sport at INEOS, who is well-known for his work in cycling, was present at Old Trafford on Tuesday when United overcame a 2-0 deficit to defeat Aston Villa, propelling them up to sixth place in the Premier League.
Ratcliffe was raised in the Manchester area and attempted to purchase Chelsea the previous year.
The 71-year-old’s family is heavily involved in sports; they own the INEOS Grenadiers cycling team, Nice, a team in French Ligue 1 and Lausanne-Sport, a team in Switzerland.
The 20-time English champions were heavily indebted when the Glazers purchased the team in 2005 for £790 million ($1.47 billion at the time).
Ratcliffe and Sheikh Jassim bin Hamad Al Thani offered roughly £5 billion for a full buyout, but the Qatari financier withdrew his proposal in October because it did not meet the Glazer family’s valuation.
Since Alex Ferguson’s final season as manager in 2013, United has not won the Premier League. They have also already lost the League Cup and the Champions League this season.
