Sir Jim Ratcliffe controls 25 percent of the shares in the Manchester United club.
REPUBLIKA.CO.ID, JAKARTA — The Premier League as the operator of the English Premier League competition has approved British billionaire Jim Ratcliffe’s investment in the form of purchasing 25 percent of Manchester United shares.
The US Securities and Exchange Commission (SEC) information update on Monday (13/2/2024) evening revealed the decision that the Premier League operator gave the green light to Ratcliffe’s investment, as quoted from AFP.
MU is still waiting for FA approval to make the agreement happen. Ratcliffe has said that all administrative matters could be completed by mid-February and would give him control of football affairs at Old Trafford.
It was reported Tuesday that the process had moved toward resolution. The period in which class A shareholders can tender for the sale has been extended from February 14 to February 16 at 23.59 local time.
So far 36.7 percent of class A shares have been tendered, so that the acquisition of 25 percent can be realized.
Last Christmas, Ratcliffe, who is Chairman of INEOS, agreed to buy a 25 percent stake in United from the Glazer family with a transaction value of around 1.02 billion pounds.
Ratcliffe will also make a further investment in the club’s infrastructure of £238 million.
He has held a number of meetings with club staff and officials in recent days, as his share purchase inches closer to reality.
Ratcliffe has met leaders of independent supporters’ organization Manchester United Supporters’ Trust and spoken to a number of local leaders at Trafford Council as well as Greater Manchester Mayor Andy Burnham.
The 71-year-old is reportedly planning to lead a major overhaul of United’s squad after the club endured a difficult period over the past decade.
This news article has been translated from the original language to English by WorldsNewsNow.com.
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