Co-chairman releases statement ahead of £1.25bn sale as Liverpool and FSG watch on

The CEO of Liverpool's fierce rivals Manchester United will leave his post ahead of the club's owners selling a significant minority stake.

Sir Jim Ratcliffe is closing in on purchasing a 25% stake in the Red Devils from the much-maligned Glazer family. Ratcliffe, the UK's richest person, will pay a reported £1.25 billion. The pathway cleared for Ratcliffe after Qatari banker Sheikh Jassim pulled out of a full takeover.

And as Ratcliffe's arrival is finalised, multiple reports suggest that Richard Arnold will depart at chief executive. He succeeded Ed Woodward in February 2022 as the most senior executive at Old Trafford, with general counsel Patrick Stewart to replace Arnold on an interim basis while Ratcliffe's deal is ratified.

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.