Sir Jim Ratcliffe reached an agreement with the Glazer family late last year to acquire a 25% stake in Manchester United, with the Federation and Premier League giving the green light to the deal.
Sir Jim Ratcliffe has been given FA approval to take charge of Manchester United
The British billionaire’s purchase price is estimated at $1.3 billion (£1.03 billion).
The owners, the Glazer family, will retain a majority stake in the club, but Ratcliffe’s Ineos Group will take control of football operations.
The sale cannot be completed until the closing of the stock offer, which will take place on Friday evening in the United States.
The Premier League’s approval is subject to the completion of the deal.
“The Premier League is now awaiting confirmation of the completion of the deal,” the league said in a statement, also confirming that Ratcliffe, 71, had also signed on as an owner, according to News.ro.
The deal is the first to be agreed under the Premier League’s revamped Owners and Directors Test, which was approved by member clubs in March 2023 and includes a review by an independent watchdog.
Ratcliffe’s deal was completed on Christmas Eve and also includes a $300m (£236m) future investment in the club’s Old Trafford stadium.
The businessman has agreed to buy 25% of the club’s class B shares, which are mainly owned by the Glazer family, which owns 69% of the club and holds almost all the voting rights, as well as up to 25% of the class A shares, which are listed on the stock exchange. on the New York Stock Exchange. Each share is worth $33.
An update from the U.S. Securities and Exchange Commission (SEC) sent Monday evening confirmed that the deadline for holders of Class A shares to put them up for sale has been extended from Wednesday to Friday at 11:59 p.m. ET .
The move to sporting control at the club means that Ineos will control the operations and academies of men’s and women’s football.
He will also receive two seats on the boards of Manchester United PLC and Manchester United Football Club.
Ratcliffe has already visited Old Trafford and the club’s training ground several times while waiting for the final approval of the deal.
Source: Hot News
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