Sir Jim Ratcliffe's Manchester United stake purchase approved by Premier League
Sir Jim Ratcliffe's proposed purchase of a 25% stake in Manchester United has been approved by the Premier League.
The Ineos chairman from Failsworth is now one step closer to completing the deal, but still needs approval from the Football Association.
The purchase, which would make Sir Jim Ratcliffe the minority owner of Manchester United, was originally due to expire at midnight on Tuesday 13 February.
However, the offer has been extended until midnight on Friday 16 February.
So far 36.7% of Class A shares have been offered, already enough to complete the 25% acquisition.
Ratcliffe’s offer is capped at 25%, so even though more shares are available, that is the most which will be purchased.
The Premier League announced on Tuesday, 13 February, afternoon that the deal had been approved following the completion of the owners’ and directors’ test (OADT).
“The (Premier League) 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,” a league statement read.
“The Premier League’s Owners’ Charter has also been signed.”
Club sources say the process is now moving positively towards completion.
It was announced on Christmas Eve the Ineos chairman had agreed to buy a 25% stake in the Premier League club in a deal that included investing $300million US dollars (€331million) into their infrastructure.
As well as buying Class B shares held by the Glazer family, the announcement confirmed that Ratcliffe would offer to acquire up to 25% of all Class A shares at a price of 33 US dollars (£26) per share.
Ratcliffe has conducted a series of meetings with club staff and associates in recent days.
He has met leaders of the independent Manchester United Supporters’ Trust and spoke with local leaders, including senior representatives of Trafford Council, and Greater Manchester mayor Andy Burnham.
He was also among those in attendance at the Munich Air Disaster memorial on 6 February, marking 66 years since the tragedy.
Ratcliffe is reportedly already planning to lead an overhaul of United’s playing squad, starting with four new players to aid Erik ten Hag’s bid to ensure qualification for the Champions League.
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