The Football Association and Premier League have approved Sir Jim Ratcliffe’s acquisition of a 25% stake in Manchester United for approximately $1.3 billion. Although the Glazer family will maintain a majority stake, Ratcliffe’s Ineos Group will assume control of football operations. The deal subject to completion after the share offer closes includes Premier League approval and adherence to the owners’ charter.
This marks the first agreement under the updated owners’ and directors’ test. Ratcliffe’s purchase agreed on Christmas Eve encompasses $300 million for future investment in Old Trafford. The businessman will acquire 25% of class B shares and up to 25% of class A shares with the latter’s deadline extended to Friday.
INEOS gaining sporting control will oversee both men’s and women’s football operations, academies and secure seats on Manchester United PLC and Football Club boards. The Glazer family who acquired the club in 2005 retains a 69% ownership stake. The deal progresses positively toward completion and the Glazers expressed intent to explore strategic alternatives in November 2022.
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