Manchester United has moved a step closer to welcoming investor Sir Jim Ratcliffe’s proposed 25% stake in the club, as the Premier League granted their official approval. The news was announced by the club in an update filed with the Securities and Exchange Commission (SEC) on Monday. While the Football Association’s approval is still pending, sources have indicated that the process is progressing positively. This development marks an exciting potential change in ownership for the renowned football club.
The Premier League issued an official statement on Tuesday, confirming the approval of Sir Jim Ratcliffe’s acquisition of a 25% stake in Manchester United FC. Additionally, the statement highlighted that Ratcliffe plans to invest a further $300 million into the club. This significant financial commitment signals a potential boost for the club’s future development and aspirations. The approval was granted following the completion of the Owners’ and Directors’ Test (OADT) and has been officially ratified by an Independent Oversight Panel. The Premier League’s Owners’ Charter has also been signed, solidifying the ownership structure change.
To accommodate the ongoing tender offer to A shareholders, the deadline has been extended from February 14 to 11.59 p.m. E.T. on February 16. With 36.7% of the A shares already tendered, the threshold for Sir Jim Ratcliffe’s desired 25% stake has already been surpassed. This positive response from shareholders demonstrates their confidence and support for the potential investment. A completion date for the deal has been suggested as being as early as next week, although it is currently considered a mere formality.
Ratcliffe’s minority investment, which was initially announced on Christmas Eve, came with the confirmation that his company, INEOS, will assume the management of the football side of Manchester United’s business. INEOS director of sport, Sir Dave Brailsford, has been actively involved at the club’s Carrington training ground since the announcement. While awaiting official ratification, both Ratcliffe and Brailsford have engaged in meetings with manager Erik ten Hag, staff, and fan groups. The presence of Brailsford, who has a notable background in British cycling, in the stands during several games further emphasizes the commitment and dedication of the INEOS team.
With the approval from the Premier League and the pending consent from the Football Association, Manchester United is poised to enter a new era with Sir Jim Ratcliffe’s investment and INEOS’s management. The injection of significant funds into the club, alongside the expertise and experience of the INEOS team, could potentially propel Manchester United to new heights. As fans eagerly await the completion of the deal, there is a sense of optimism and anticipation for what the future holds for the historic football club. The potential for progress and success is palpable, and supporters are eagerly anticipating the positive impact that Sir Jim Ratcliffe’s acquisition could have on Manchester United’s fortunes.
Overall, the approval of Sir Jim Ratcliffe’s 25% stake in Manchester United by the Premier League marks a significant step forward for the club. The potential for increased investment, along with INEOS’s presence and expertise, brings hope and excitement for fans and supporters alike. The imminent completion of the deal could signal a new era of progress and success for Manchester United.