The CEO of Liverpool’s archrival Manchester United will resign before the club’s owners sell a significant minority stake.
Sir Jim Ratcliffe is close to acquiring a 25% stake in the Red Devils from the infamous Glazer family. Ratcliffe, the UK’s richest person, is expected to pay £1.25 billion. Ratcliffe’s path was cleared after Qatari banker Sheikh Jassim backed out of a full takeover.
As Ratcliffe’s appointment is finalized, multiple reports indicate that Richard Arnold will step down as CEO. He will succeed Ed Woodward as Old Trafford’s most senior executive in February 2022, with general counsel Patrick Stewart serving as an interim replacement while Ratcliffe’s deal is finalized.
Joel Glazer, executive co-chairman, said: “I would like to thank Richard for his outstanding service to Manchester United over the past 16 years, and wish him all the best for his future endeavours. We are fortunate to be able to call on the deep knowledge and experience of Patrick Stewart to provide interim stability and continuity as we embark on a search for a new permanent CEO.”
Ratcliffe will also reportedly inject £245 million to upgrade United’s failing infrastructure of both Old Trafford and their Carrington training ground.
Liverpool owners Fenway Sports Group (FSG) will be watching on with the proceedings at United. FSG’s search for a minority investor came to an end in September when it was announced that Dynasty Equity completed a strategic common equity minority investment of between £80-160 million.
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