Ed Woodward to Receive Significant Windfall from Sir Jim Ratcliffe’s Manchester United Deal

Former Manchester United chief executive Ed Woodward stands to make millions from Sir Jim Ratcliffe’s deal to buy a 25 percent stake in the club, according to reports. The Ineos founder is currently awaiting Premier League approval to ratify his £1.3 billion deal to purchase a minority stake at Old Trafford, with the agreement also securing control of sporting matters.

Attending United's most recent home game, a 2-2 draw with Tottenham, Ratcliffe told reporters that the deal ought to be finalized in less than a month.

‘Early to mid-Feb, we hope,’ said Britain’s second-richest man when asked for a timeframe. ‘We hope they don’t find anything dodgy in our CV!’ Majority owners, the Glazer family, stand to be the biggest beneficiaries of the deal, but other members of United’s much-criticized hierarchy are also in line for a windfall.

Two senior executives will receive seven-figure bonuses from the sale, and former CEO Woodward is expected to benefit as well, according to The Times. Cliff Baty, the chief financial officer, and Patrick Stewart, the interim chief executive who took over late last year, will each receive bonuses equal to double their yearly salaries. Given that Stewart’s predecessor, Richard Arnold, earned £1.9 million per year, the bonus Stewart receives could be more than £3 million.

With Ratcliffe offering $33 per share (around £25), a figure that is 63 percent higher than the price on the New York Stock Exchange, Woodward is also expected to secure himself a bumper payday.

The most current documents show that the former CEO still owns slightly more than 550,000 shares. He would still own 75% of his previous stake even if he sold 25% of his stock, which would net him about $4.55 million (£3.6 million).

The document made public by the Securities and Exchange Commission (SEC) last week included confirmation of the bonuses for Stewart and Baty.

The relevant paragraphs stated as follows: "In December 2023, we amended our current employment agreements with Cliff Baty, our chief financial officer, and Patrick Stewart, our interim chief executive officer and general counsel, 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.’

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