Sir Jim, King Eric and the Isle of Man

Christmas Eve brought an early present for Man Utd fans this year as Sir Jim Ratcliffe’s deal to buy 25% of the club was confirmed.

The billionaire will take over football operations of the club in what many fans hope will be a first step in the Glazer family leaving the club which they have steered from the top of world football to a bad punchline.

While Sir Jim’s bid was always linked to his INEOS firm, the details behind the deal show that the £1.03bn deal will be completed through a company called Trawlers Limited.

The company, which takes it name from Eric Cantona’s famous quote “When seagulls follow the trawler it is because they think sardines will be thrown into the sea”, is separate from INEOS and will take on the 25% stake in Man Utd without taking on any debt.

So what is Trawlers Limited?

Well, I’m glad you asked, it is a company owned by Sir Jim and registered here on the Isle of Man.

It’s hard to imagine why you’d want to do this…

A quick scan of the island’s rather opaque business registry shows only one company with that name, registered on October 16 2023 at Fort Anne, Douglas.

That came just one day after it was announced that Qatari banker Sheikh Jassim bin Hamad Al Thani had ended his attempt to buy the club outright from the Glazers.

In a statement issued on Christmas Eve by Man Utd, the club said: ‘The closing of the tender offer will be subject to the receipt of Premier League approval and other necessary regulatory approvals, shareholder approval of an amendment to the Articles of Association and other customary conditions.

‘Trawlers Limited is a company incorporated under the laws of Isle of Man and is wholly-owned by Sir Jim Ratcliffe.

‘Trawlers Limited was advised by Slaughter and May, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Goldman Sachs International and J.P. Morgan Cazenove. Manchester United was advised by The Raine Group and Latham & Watkins LLP. The Glazer family shareholders were advised by Rothschild and Co.’