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Ed Woodward, the ex-Man United CEO, is set to earn mouth-watering amounts of money from the Sir Jim Ratcliffe takeover despite leaving Manchester United 20 months ago.
Ed Woodward could continue to receive an unbelievable payday despite leaving Manchester United 20 months ago.
Woodward served as the club’s executive vice-chairman from May 2013 to February 2022 and became a very polarising figure during his spell in charge, having overseen a spend of over £1 billion on players during his time in charge at Old Trafford in return for little success.
The 52-year-old helped the Glazer family complete their takeover of United in 2005 and tendered his resignation in April 2021 after backing the disastrous European Super League. He eventually left the club in April 2022, with Richard Arnold taking on the top job.
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However, Woodward is still involved at Man United because he owns shares that could make him richer.
According to The Athletic, Woodward owns 551,486 Class A shares in United. That is extremely significant given that Sir Jim Ratcliffe is about to buy 25 percent of the club’s shares in exchange for £1.3billion.
After a protracted takeover process, which began in November 2022, the deal was announced on December 24 and will be officially signed off in the coming weeks.
The takeover means that Woodward and other private shareholders can sell 25 percent of their shares at $33 (Ksh. 5280) per share.
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For Woodward that equates to $4.5million (Ksh 720 million) – a tidy payday for the former executive and Glazer associate.
During his time as CEO, Woodward was the Premier League’s highest-earning CEO, having raked in £2,916,000 (Ksh 594.8 million) from the club in wages in his last season. He is not the only former United employee about to become richer when Ratcliffe’s deal goes through.
His successor Arnold, who stepped down in November ahead of INEOS’ arrival, owns 240,019 Class A shares, which will be worth a tidy £1.56m (Ksh. 249.6 million) if he sells up to Ratcliffe.
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Meanwhile, United’s interim chief executive officer and general counsel Patrick Stewart and chief financial officer Cliff Baty are awaiting a completion bonus for the deal. That will be worth twice their annual salary.
Ratcliffe has struck a deal to buy 25 percent of the Class B shares held by the Glazer family and up to 25 percent of all Class A shares at $33(Ksh. 5280).
INEOS prevailed from an initial group of 170 interested parties, with 26 signing non-disclosure agreements and eight reaching the second round of the process before it boiled down to Ratcliffe vs Sheikh Jassim.
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