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The Premier League has given the go-ahead for Sir Jim Ratcliffe to acquire a 25% share in Manchester United, however, the club is still waiting for approval from the Football Association.
The league’s approval of the deal was confirmed in an update to the Securities and Exchange Commission on Monday evening.
The Premier League released a statement on Tuesday stating that Sir Jim Ratcliffe’s purchase of 25% of Manchester United FC and additional investment of $300m has been given the green light by the Premier League Board. This comes after the completion of the Owners’ and Directors’ Test (OADT).
Last week, the board approved the alteration of the club’s ownership structure, which has since been officially confirmed by an Independent Oversight Panel.
The deadline for Class A shareholders to offer their shares for sale has been prolonged from February 14 to 11:59pm on February 16.
As of now, 36.7% of Class A shares have been offered, meeting the requirement for a 25% acquisition. Ratcliffe’s proposed offer is limited to 25%, meaning that even if more shares are offered, only up to 25% will be bought.
On Christmas Eve, it was reported that the Ineos chairman had made a deal to purchase 25% of the Red Devils, with an additional investment of $300 million USD (£238 million) towards their infrastructure.
In addition to purchasing Class B shares from the Glazer family, Ratcliffe has also announced plans to buy up to 25% of all Class A shares for $33 USD (£26) per share.
Jim Ratcliffe, a knight, has ambitious plans for Old Trafford.
In the past few days, Ratcliffe has had a number of meetings with club personnel and colleagues.
He has connected with the leaders of the Manchester United Supporters’ Trust and had discussions with community leaders, such as top members of Trafford Council, and Andy Burnham, Mayor of Greater Manchester.
Last week, he was present at the memorial for the Munich Air Disaster.
According to reports, Ratcliffe is already strategizing to revamp United’s team, beginning with the addition of four new players to support Erik ten Hag’s efforts to secure a spot in the Champions League.
Source: independent.co.uk
