Manchester United’s potential shift in ownership took a significant step forward as the Football Association greenlit British billionaire Jim Ratcliffe’s acquisition of a 25% stake in the club.
Following the Premier League’s endorsement on Monday, the FA’s approval now paves the way for Ratcliffe’s entry into the Old Trafford boardroom.
As confirmed by a statement from the US Securities and Exchange Commission, the FA’s nod has been secured, moving Ratcliffe closer to assuming control over football operations at the renowned English club. However, the completion of Ratcliffe’s investment awaits the finalization of the tender offer for Class A shares.
To facilitate the process, the window for holders of Class A shares to tender them for sale has been extended from February 14 to February 16, with hopes of concluding the transaction smoothly.
In a deal estimated at around £1.02 billion ($1.3 billion), Ratcliffe, the chairman of INEOS, is poised to acquire the stake from the Glazer family, who have faced criticism from fans. Additionally, Ratcliffe plans to inject an additional £238 million into the club’s infrastructure.
With the investment progressing toward fruition, Ratcliffe has engaged in discussions with various stakeholders, including club staff, representatives of the Manchester United Supporters’ Trust, local leaders, and even attended the Munich air disaster memorial last week, underscoring his commitment to the club.
Reports suggest that Ratcliffe, a lifelong United supporter, is gearing up to spearhead a revamp of the squad following a challenging season for the club, which last secured the Premier League title in 2013.
Reported By AFP.
