Manchester United confirmed on Wednesday the departure of their Chief Executive, Richard Arnold, at the end of the year. This announcement comes just days before the club confirms the purchase of 25% of its shares by British billionaire Jim Ratcliffe. The Glazers will retain a 69% of the Red Devils.
“It has been an incredible privilege to serve this great football club for the past 16 years. Through highs and lows, the constant has been the dedication of our employees and fans. I would like to thank all of them for their loyalty and commitment, and wish everyone associated with the club the very best for the future.”
Arnold joined the club in 2007 and served as the club’s Chief Executive from 2013 until February 2022 when he replaced Ed Woodward. He was the mind behind the hiring if Erik ten Hag as coach and right now was in the middle of huge negotiations with possible jersey sponsors.
However, the executive faced criticism for how he handled the Mason Greenwood case, attempting to reintegrate the player into the team once charges of attempted rape and assault were dropped. In the end, he decided to send the player to Getafe on loan.
Who will replace Richard Arnold at Manchester United?
The club’s Chief Legal Officer, Patrick Stewart, will take on the role of interim Chief Executive until a permanent replacement is appointed. If this decision requires Ratcliffe’s approval, it will have to be made between six and eight weeks after the purchase is confirmed. It’s the time the Premier League will need to validate it.
“Together with my leadership team colleagues, my job will be to ensure that the club’s foundations remain stable while we embrace changes that can make us stronger over the long term, on and off the pitch, and to support the search for a new permanent CEO.”
Jim Ratcliffe: Who is the new owner of Manchester United?
Sir Jim Ratcliffe is a remarkable figure of the business world. He was born on October 18, 1952, in Failsworth, Lancashire, England, and is the founder and chairman of INEOS, one of the world’s largest chemical companies.
Ratcliffe wants to invest in Manchester United to have significant sporting influence on the team. Of course, that move will guarantee the Glazer family stays for good.
Beyond his accomplishments in the chemical industry, the British billionaire has also made a huge impact in the world of innovation and sustainability. Undoubtedly, he is one of the top names in the industry.
In 1998, Ratcliffe founded INEOS, a global petrochemical company. Under his leadership, INEOS expanded rapidly, acquiring numerous companies, including the chemical businesses of BP, ICI, and BASF.
The company’s core operations revolve around the production of essential chemicals used in various industries, such as automotive, construction and healthcare.
Something that sets Ratcliffe apart from many other entrepreneurs is his hands-on approach while managing INEOS. Many of his workers admire how involved he is in the day-to-day operations of many areas in the company.
Ratcliffe is also a huge sports fan sponsoring the successful cycling team INEOS (former Team Sky) in big events such as the Tour de France. In Formula 1, INEOS also supports Mercedes. Manchester United will be another example of that passion.
What will happen with ownership at Manchester United?
During the last few years, thousands of fans have blamed the ownership for an extended crisis and a lack of investment in the team’s facilities. With only four trophies to show for in almost a decade, Ratcliffe’s emergence would be crucial for the future.
Before Ratcliffe’s story came out, an exclusive report of Fabrizio Romano confirmed Sheikh Jassim had no more intentions to acquire Manchester United. So, after the arrival of Ratcliffe, that massive proposal of the Qatari group was officially withdrawn from the table.
A few days ago, Jassim presented a new offer to the Glazer family. Romano pointed out the final bid was almost double than the $3.5B market valuation of the club. Furthermore, $1.5B extra investment was planned for the team and, as part of the agreement, all old debt would have been cleared. However, the owners of Manchester United rejected it.
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