Sir Jim Ratcliffe and INEOS’ purchase of a minority stake in Manchester United has received approval by the Premier League but is still awaiting the green light from the Football Association.
United confirmed in December that a deal had been agreed for Ratcliffe to take a 25 per cent stake, with a $1.3billion purchase seeing the British billionaire intending to take control of the club’s football operations.
The 71-year-old said in January that he was hopeful his stake in United would be official by mid-February with a filing on Monday with the U.S. Securities and Exchange Commission (SEC) — a United States government agency — confirming that the Premier League have approved the move.
However, FA approval — required for the club’s participation in the Women’s Super League — is still pending as well as some other regulatory requirements.
Monday’s filing confirmed that the deadline for the tender offer has been extended from Wednesday, February 14 as originally planned to Saturday, February 17 with those close to the deal indicating that the process is still progressing positively.
As of February 9, approximately 37 per cent of the available Class A shares have been offered up for sale to Ratcliffe — an oversubscription of the 25 per cent required, which is likely to rise further before the new, extended deadline
Further reading on the new-look Manchester United
Ratcliffe and INEOS have already begun making their mark at the club appointing Omar Berrada from rivals Manchester City as their new chief executive.
He will be joined on a new-look board by INEOS CEO Jean-Claude Blanc and Sir David Brailsford, the firm’s director of sport.
Brailsford began work at the club’s Carrington training ground in January while Ratcliffe attended United’s Premier League game against Tottenham Hotspur, sitting alongside Sir Alex Ferguson.
The following day he met with fan representatives and local community leaders to introduce himself and hear their perspectives. He also held a video meeting with the larger fans’ forum.
United are next in action against Luton Town on Sunday.
(Martin Rickett/PA Images via Getty Images)
Read the full article here