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London (AFP) – British billionaire Jim Ratcliffe’s purchase of a 25% stake in Manchester United has been approved by the Football Association.
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Ratcliffe’s deal received the backing of the Premier League on Monday night, with the FA also giving his investment the green light.
A statement from the US Securities and Exchange Commission revealed that FA approval has “already been received” as Ratcliffe moves closer to cementing his place on the Old Trafford board.
Mr Ratcliffe’s investment will give him control of the 20-time English champions’ football operations, but cannot be completed until the tender offer for the Class A shares is completed.
The offering period for holders of Class A shares has been extended from February 14th to February 16th, 23:59.
On Christmas Eve, it was announced that INEOS chairman Ratcliffe had agreed to buy a 25% stake in United from unpopular owners the Glazer family in a deal worth around £1.02 billion ($1.3 billion).
Mr Ratcliffe will also invest a further £238m into the club’s infrastructure.
The 71-year-old has held a series of meetings with club staff and stakeholders in recent days as the investment nears completion.
Mr Ratcliffe met with leaders of the independent Manchester United Supporters Trust and spoke to local leaders including senior representatives from Trafford Council and Greater Manchester Mayor Andy Burnham.
The boyhood United fan was among those who attended last week’s Munich air disaster memorial service.
Ratcliffe is reportedly already planning to lead an overhaul of United’s squad after a difficult season for the club, which last won the Premier League in 2013.
© 2024 AFP
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