Manchester United given next green light for Sir Jim Ratcliffe to complete investment
Ratcliffe now has FA and Premier League approval as he looks to buy a 25 per cent stake in the club
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Your support makes all the difference.Manchester United have got approval from the Football Association for Sir Jim Ratcliffe’s investment as it has moved another step closer to being finalised.
The Premier League had already approved the deal for the petrochemicals billionaire to take a 25 per cent stake in the club.
Completion of the £1.3bn investment cannot come until Ratcliffe finalises his purchase of Class A shares. That is not expected to be a problem with the 71-year-old willing to buy, at $33 a share, 25 per cent of shares and the owners of 36 per cent of shares offering to sell to him.
The tender offer for the Class A shares closes on Saturday in United Kingdom time, so it cannot come before then. United extended the deadline for the deal to go through earlier this week.
The Ineos co-owner has the funds, with filings with the Securities and Exchange Commission showing he had at least $4bn in liquid assets and that his overall worth is “significantly in excess” of that.
Ratcliffe is buying into United with his own money, through a company – Trawlers Inc – that is named after a quote from Eric Cantona, rather than using Ineos’ funds.
His stake in the club will rise to 29 per cent when he invests $300m in infrastructure, which could be used to redevelop Old Trafford or to build a new ground.
The Premier League board reviewed and approved Ratcliffe after the lifelong United fan passed the Owners’ and Directors’ Test and signed the owner’s charter.
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