• Thursday, May 30, 2024
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Jim Ratcliffe’s Manchester United 25% takeover gets FA approval

Jim Ratcliffe-2

The Football Association has granted regulatory clearance for Jim Ratcliffe’s acquisition of a 25% takeover of Manchester United, with the deal likely to be finalized in a matter of days.

Manchester United secured approval from the Premier League earlier this week for Ratcliffe‘s proposed 25% stake, and with the FA also granting their consent, all regulatory requirements for the deal have been met.

According to club sources, this development “marks another encouraging step towards finalization.” However, confirmation of the Ineos investment awaits the closure of the tender offer for shares, scheduled for Friday.

The deadline for the tender offer to Class A shareholders has been extended from February 14 to February 16. Currently, 36.7% of the Class A shares have been tendered for sale, surpassing Ratcliffe’s offer to purchase 25%.

Under the Premier League’s regulations regarding club ownership and directorship, Ratcliffe had already been given the green light to acquire a minority share.

The 71-year-old British billionaire has until February 17 to finalize the purchase, although official confirmation may be delayed beyond that date.

Ratcliffe, one of Britain’s wealthiest individuals and the owner of petrochemicals giant INEOS, reached an agreement in December to acquire a stake in United after the club was put up for sale in 2022 by the Glazer family, who also own the Tampa Bay Buccaneers.

Following consideration of bids, including one from Qatari banker Sheikh Jassim bin Hamad Al Thani, the Glazers decided to sell a minority share of the 20-time English champion.

Ratcliffe, aged 71, has committed $1.3 billion for “up to 25%” of the club and has pledged an additional $300 million for “future investment into Old Trafford,” according to statements from United.