Sir Jim Ratcliffe’s purchase of a 25 per cent stake in Manchester United has obtained Premier League approval.
Confirmation that the league had given its backing to the deal was contained within an update to the Securities and Exchange Commission (SEC) on Monday evening.
The club are still awaiting Football Association (FA) approval.
The period in which holders of Class A shares can tender them for sale has been extended from February 14th until 11.59pm on February 16th.
So far, 36.7 per cent of Class A shares have been tendered, already enough to complete the 25 per cent acquisition. Ratcliffe’s offer is capped at 25 per cent, so even though more shares are available, that is the most which will be purchased.
It is understood Premier League approval is contingent on the deal being completed, and therefore the league will not confirm it has given approval until or unless that happens.
However, club sources say the process is now moving positively towards completion.
It was announced on Christmas Eve that the Ineos chairman had agreed to buy a 25 per cent stake in the Red Devils in a deal that included investing a further $300 million into their infrastructure.
As well as buying Class B shares held by the Glazer family, the announcement confirmed Ratcliffe would offer to acquire up to 25 per cent of all Class A shares at a price of £33 per share.
Manchester United reaches agreement for Sir Jim Ratcliffe, Chairman of INEOS, to acquire up to a 25% shareholding in the Company.#MUFC
— Manchester United (@ManUtd) December 24, 2023
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 spoken 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 last week.
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.
