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The deadline for Sir Jim Ratcliffe’s investment in Manchester United has been extended by the club.
The billionaire in the petrochemical industry was given a deadline of midnight on Tuesday, according to Eastern time in the United States, to complete his £1.2bn deal. However, he has been granted an additional 72 hours until Friday.
Ratcliffe’s club investment has been approved by the Premier League, while United is still waiting for confirmation from the Football Association. This is not expected to be a problem.
Likewise, there is no worry that Ratcliffe lacks the financial resources. According to an official filing with the SEC, the 71-year-old has over $4 billion in liquid assets. However, his total net worth, which includes his ownership in Ineos, is significantly higher than that amount.
On the evening of Christmas Eve, Ratcliffe reached an agreement to purchase a 25 percent ownership of the club. This includes both Class B shares owned by the Glazer family and Class A shares that are publicly traded on the stock exchange.
Based on the documentation submitted to the Securities and Exchange Commission, around 36.7% of the total Class A Shares, which amounts to 19,431,468 shares, have been successfully offered and not retracted as part of the Offer.
This exceeds the minimum requirement of 25 percent.
Ratcliffe has agreed to purchase Class A shares for $437 million and a total of $1.65 billion, resulting in a cost of $33 per share.
He will increase his ownership in the club to 29% by committing to invest £237m in infrastructure. Ineos will have authority over the team’s operations. Ratcliffe will receive two spots on the club’s board, to be filled by Jean-Claude Blanc and Sir Dave Brailsford.
Ratcliffe and Brailsford, both avid supporters of United, have been present at both Old Trafford and the Carrington training facility to perform a thorough examination of the club.
Source: independent.co.uk
