Published: 06:31 EST, 21 February 2024 | Updated: 07:03 EST, 21 February 2024
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]]]]>]]>Richard Arnold has resigned from his role as Manchester United director after Sir Jim Ratcliffe completed his partial takeover of the club, with INEOS co-owner John Reece taking a seat on the board.
The British petrolchemicals billionaire officially took control of a 27.7 percent share in the club on Tuesday evening, after the Premier League and the Football Association approved the deal.
Ratcliffe and his company have paid PS1.3billion for their stake, which will rise to close to 30 per cent following a further PS238m injection into United's coffers.
INEOS have wasted no time in reshuffling the pack at Old Trafford, with Arnold, who stepped down as CEO in November, resigning from the board of directors.
Meanwhile, United confirmed in an official filing on Wednesday morning that Reece and INEOS Sport chairman Rob Nevin have both joined the board.
Sir Jim Ratcliffe and INEOS have completed their minority investment in Manchester United
INEOS have wasted no time in reshuffling the pack at Old Trafford, with Arnold, who stepped down as CEO in November, resigning from the board of directors.
Meanwhile, United confirmed in an official filing on Wednesday morning that Reece and INEOS Sport chairman Rob Nevin have both joined the board.
Reece joined Ratcliffe's company in 2000 as a financial director and he was estimated to have a fortune of PS9.1bn by the Sunday Times Rich List year.
He will be joined by Nevin, who was part of the delegation that visited Old Trafford in March last year when INEOS first sat down to present their takeover bid to the Glazers.
Arnold replaced Ed Woodward as CEO in February 2022, but left his role late last year to be replaced in an interim capacity by United's top lawyer Patrick Stewart.
Arnold was instrumental to United's strong commercial growth over the last decade, securing a PS900m kit deal with Adidas and PS60m shirt sponsorship with Qualcomm last year.
However, he was widely criticised over the club's handling of the Mason Greenwood saga which led to the England striker joining Getafe on loan following a United U-turn.
Ratcliffe's minority takeover was formally concluded on Tuesday after the A Share tender offer closed, over 14 months on from the moment the Glazers family announced they would listen to offers for the club as part of a 'strategic review process' back in November 2022.
The period in which holders of Class A shares can tender them for sale had been extended from February 14 until 23:59 on February 16.
The Premier League board reviewed and approved Ratcliffe after the lifelong United fan passed the Owners' and Directors' Test and signed the owner's charter.
Now Ratcliffe has officially taken control of football operations, he has the option to buy more Class B shares from the Glazers, should they decide to sell more.
Omar Berrada has been poached from Manchester City to take on the role of chief executive
INEOS' focus will now turn towards implementing a modern football structure, with United having fallen behind their rivals in that department over the past decade.
As Mail Sport reported on Wednesday, a series of key decisions have already been made.
Omar Berrada has already been lured away from Manchester City to take the reins of CEO, with Dan Ashworth likely to arrive from Newcastle United in the near future as Director of Football.
Sir Dave Brailsford, INEOS director of sport, has been a regular figure at both Carrington and Old Trafford, holding meetings with staff across the buildings. He has been key to decision making as the newcomers file a dossier of evidence and their own action plan.
Premier LeagueJim Ratcliffe 