Manchester United announced an agreement with Sir Jim Ratcliffe for the acquisition of a 25 percent stake in the club on Christmas Eve. The deal valued at £1.25 billion, was confirmed by the club.
The Times has reported that as a condition of this partial takeover, there is a mutual understanding between Ratcliffe and the Glazer family, the current owners, to refrain from publicly criticising each other.
Specifically, the agreement states that Trawlers Limited, Ratcliffe’s company, is prohibited from making any public statements that would directly attack or disparage the Glazers, Manchester United, or their affiliates.
Similarly, the agreement requires the Glazer family to avoid public criticism of Ratcliffe. This non-disparagement clause is a key aspect of the deal.
Further details emerged from internal communications at Manchester United, revealing that the Glazers have instructed staff not to speak about the minority takeover by Ratcliffe.
The agreement also outlines that two executives from Ratcliffe’s INEOS group, Sir Dave Brailsford and Jean-Claude Blanc, are set to join Manchester United’s board.
Although the Premier League has yet to give its official approval to this partial takeover, United is expected to consult with INEOS on any potential transfer dealings in the upcoming January window.
The completion of the deal is subject to the approval of both the Premier League and the club’s Class A shareholders. Upon finalisation, the Glazer family will receive £715 million from the sale of their shares to Ratcliffe, the British billionaire.