Ineos founder, Sir Jim Ratcliffe, is eagerly anticipating Premier League approval for his £1.3 billion deal to acquire a minority stake in Manchester United. The deal, once finalized, will also grant him control over sporting matters at Old Trafford. Ratcliffe, Britain’s second-richest man, attended United’s recent home game against Tottenham, expressing optimism that the approval would likely happen within the next month.
"We hope they don’t find anything dodgy in our CV!" Ratcliffe joked when questioned about the timeframe, targeting early to mid-February for the deal's completion. The Glazer family, the majority owners, are set to gain significantly from the deal, and other top executives at Manchester United are also expected to benefit.
Reports suggest that two senior executives, interim chief executive Patrick Stewart and chief financial officer Cliff Baty, are in line for substantial seven-figure bonuses as part of the sale agreement. Stewart and Baty will receive bonuses equivalent to twice their annual salary. Given the previous annual salary of Richard Arnold, Stewart’s predecessor, which stood at £1.9 million, Stewart's bonus could exceed £3 million.
As part of the deal proposed by Ratcliffe, offering $33 per share (approximately £25), a figure 63% higher than the current New York Stock Exchange price, former CEO Ed Woodward is also poised for a substantial windfall. Woodward, who still holds over 550,000 shares, could earn around $4.55 million (£3.6 million) by selling 25% of his stock, leaving him with a significant remaining stake.
Details of the bonuses for Stewart and Baty were disclosed in the Securities and Exchange Commission (SEC) filing released last week. The filing outlined, "In December 2023, we entered into amendments to our existing employment agreements with Patrick Stewart, our interim chief executive officer and general counsel, and Cliff Baty, our chief financial officer, to, among other things, provide for the payment of a completion bonus following the occurrence of the closing. Each completion bonus is equal to two times the annual salary of such executive officer as of the date of the closing."