Man United and Jim Ratcliffe receive Premier League clearance for their deal to buy 25% of the club.
Jim Ratcliffe’s proposed purchase of a minority share in Manchester United has been approved by the Premier League, the team announced.
United stated in a filing to the Securities and Exchange Commission on Monday that it had previously received permission under its regulations pertaining to who is permitted to hold an ownership or directorship in a football team. Additionally, it stated that it anticipated receiving approval from the Football Association as British billionaire Ryan Ratcliffe approaches the conclusion of his agreement to purchase a quarter of the team.
According to league regulations, anyone with past criminal records, athletic suspensions, or affiliation with other clubs are ineligible to serve as owners or directors.
Ratcliffe, who owns the massive petrochemical company INEOS, is among the wealthiest persons in Britain. He signed a contract in December to purchase a share in United, and on Monday, the deadline for completion was moved up from February 14 to February 17.
Racliffe’s INEOS Sport subsidiary will assume management of United’s football operations as part of the agreement, following nearly 10 years since the team’s Premier League title and a steady drop in on-field performance.
The 71-year-old Ratcliffe, who has always supported Manchester United, called his planned investment “the most exciting deal of his career” last month.
“I have done a few exciting things, but there is no question (about that),” he stated.
In addition to investing an additional $300 million for “future investment into Old Trafford,” Ratcliffe has paid $1.3 billion for “up to 25%” of the team, according to United.
After the sale closes, Ratcliffe will provide $200 million, and by the end of 2024, he will contribute an additional $100 million. Ratcliffe’s share will eventually reach 29% thanks to that further investment. The agreement gives the Glazer family, the owners, a 49% ownership share.
More information regarding Ratcliffe’s personal fortune was disclosed in the filing, which said that his “liquid assets (primarily consisting of cash and readily marketable securities) were in excess of $4 billion.”
“Significantly in excess of those liquid assets” was the statement made on his net worth.
In order to tender their shares, shareholders must react by 23:59 ET on United’s behalf.