Sir Jim Ratcliffe still awaiting FA approval to buy Manchester United stake
Sir Jim Ratcliffe’s purchase of a 25 per cent stake in Manchester United has obtained Premier League approval, but the club are still awaiting the green light from the Football Association.
Confirmation that the league had given its backing to the deal was contained within an update to the Securities and Exchange Commission (SEC) on Monday evening.
And a Premier League statement on Tuesday afternoon read: “Sir Jim Ratcliffe’s acquisition of 25 per cent of Manchester United FC, and further investment of $300m in the club, has been approved by the Premier League Board following the completion of the Owners’ and Directors’ Test (OADT).
“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.”
Meanwhile, the period in which holders of Class A shares can tender them for sale has been extended from February 14 until 23:59pm on February 16.
So far 36.7 per cent of Class A shares have been tendered, already enough to complete the 25 per cent acquisition. Ratcliffe’s offer is capped at 25 per cent, so even though more shares are available, that is the most which will be purchased.
It was announced on Christmas Eve that the Ineos chairman had agreed to buy a 25 per cent stake in the Red Devils in a deal that included investing a further 300 million US dollars (£238million) into their infrastructure.
As well as buying Class B shares held by the Glazer family, the announcement confirmed Ratcliffe would offer to acquire up to 25 per cent of all Class A shares at a price of 33 US dollars (£26) per share.
Sir Jim Ratcliffe is looking to do big things at Old Trafford (Martin Rickett/PA)
Ratcliffe has conducted a series of meetings with club staff and