The Premier League has given the green light to British billionaire Jim Ratcliffe’s acquisition of a 25 percent stake in Manchester United.
The US Securities and Exchange Commission received a crucial update on Monday evening, disclosing that the Premier League has granted the necessary approval for Ratcliffe’s investment.
The deal’s finalization is contingent upon approval from the Football Association, a process Ratcliffe envisions concluding by mid-February, affording him control over football operations at Old Trafford.
A Premier League statement on Tuesday confirmed the approval of Sir Jim Ratcliffe’s acquisition of a 25 percent stake in Manchester United FC, along with an additional investment of $300 million in the club. The approval comes after the successful completion of the Owners’ and Directors’ Test by the Premier League Board.
‘The Board agreed to the change of the club’s ownership structure last week, and this has now been officially ratified by an Independent Oversight Panel. The Premier League’s Owners’ Charter has also been signed.’
‘The Premier League now awaits confirmation of the transaction’s completion.’
It was reported on Tuesday that Ratcliffe’s investment was moving towards a resolution.
The period in which holders of Class A shares can tender them for sale has been extended from February 14 until 11:59 pm on February 16.
So far 36.7 percent of Class A shares have been tendered, already enough to complete the 25 percent acquisition.
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It was announced on Christmas Eve that INEOS chairman Ratcliffe had agreed to buy a 25 percent stake in United from unpopular owners the Glazer family in a deal worth around £1.02 billion ($1.3 billion).
Ratcliffe will also invest a further £238 million in the club’s infrastructure.
As the investment inches toward completion, the 71-year-old has held a string of meetings with club staff and associates over the recent days.
Ratcliffe interacted with leaders of the independent Manchester United Supporters’ Trust and held conversations with local dignitaries, including senior representatives of Trafford Council and Greater Manchester mayor Andy Burnham.
Among those who gathered at the Munich Air Disaster memorial last week, the lifelong United fan from boyhood stood in reflection, honoring the solemn occasion.
Already in the works, Ratcliffe is said to be preparing to guide a significant overhaul of United’s squad, addressing the fallout from a demanding season for a club that secured the Premier League crown back in 2013.