Raine Group received a sum of £24.9 million from Manchester United to help facilitate Sir Jim Ratcliffe’s £1.3billion takeover of the club, according to new report.
It has emerged that the investment banking firm played an important role in the process.
Raine Group acted as the club’s financial advisor throughout, according to The Athletic, who suggest the costs associated with paying Raine will be forked out by United instead of the Glazer family.
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A total of 56 lawyers were employed by United to work on Ratcliffe's bid to buy a 25 per cent stake and, like the eight-figure sum mentioned above, the Glazer family did not pay for those lawyers involved in the transaction.
The report goes on to state that United selected the firm because they are an “internationally recognized investment banking firm that has substantial experience in transactions”.
United also have "familiarity "with the company and the markets in which they operate, according to a filing on the United States Securities and Exchange Commission (SEC).
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In addition to the £24.9 million sum paid to Raine, the club are believed to have agreed to reimburse them for expenses.
These include "reasonable and documented fees and disbursements of Raine’s outside counsel, and to indemnify Raine and related persons against various liabilities, including certain liabilities under the federal securities laws”.
It was confirmed in December that United had reached an agreement for Ratcliffe, who is the chairman of INEOS, to acquire up to a 25% shareholding in the company.
As a result, INEOS have been delegated responsibility for management of football operations, which include all aspects of the men's and women's football operations and academies.
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Speaking when the takeover was made official, Ratcliffe said: "As a local boy and a lifelong supporter of the club, I am very pleased that we have been able to agree a deal with the Manchester United Board that delegates us management responsibility of the football operations of the club.
"Whilst the commercial success of the club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times.
"We will bring the global knowledge, expertise and talent from the wider INEOS Sport group to help drive further improvement at the club, while also providing funds intended to enable future investment into Old Trafford."
He added: “We are here for the long term and recognise that a lot of challenges and hard work lie ahead, which we will approach with rigour, professionalism and passion. We are committed to working with everyone at the club – the Board, staff, players and fans – to help drive the club forward.
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“Our shared ambition is clear: we all want to see Manchester United back where we belong, at the very top of English, European and world football.”
Featured Image Credit: Getty ImagesTopics: Sir Jim Ratcliffe, Manchester United, Premier League