Manchester United has received approval from the Premier League for Sir Jim Ratcliffe’s proposed bid to acquire a minority stake in the club.
In a submission to the Securities and Exchange Commission on Monday, Manchester United revealed that it had secured approval based on the regulations governing ownership and directorship of football clubs. The club had adhered to the criteria outlined by the Premier League regarding eligible individuals for such roles. Additionally, Manchester United expressed confidence in receiving clearance from the Football Association, anticipating approval as British billionaire Sir Jim Ratcliffe, owner of the multinational chemicals company INEOS, nears the finalization of his 25% stake acquisition in the club.
Adherence to Premier League regulations is crucial, with disqualifying factors encompassing criminal convictions, sporting bans, or associations with other football clubs. Manchester United remains diligent in ensuring that all necessary approvals are obtained in accordance with the league’s guidelines.
Ratcliffe finalized an agreement to acquire a stake in Manchester United in December. His tender offer, seeking 25% of the Class A shares traded on the New York Stock Exchange, has been extended until midnight on Friday night.
Initially set to expire at midnight on Tuesday, the tender offer is a component of Ratcliffe’s agreement to assume the role of the minority owner of Manchester United. The INEOS chairman, as revealed on Christmas Eve, struck a deal to purchase a 25% stake in the Premier League club, with a notable investment of $300 million US dollars (£238 million) earmarked for their infrastructure.