The Football Association has granted approval for British billionaire Jim Ratcliffe’s acquisition of a 25 percent stake in Manchester United. This endorsement from the FA follows the prior approval given by the Premier League, solidifying Ratcliffe’s position in the Old Trafford boardroom.
According to a statement from the US Securities and Exchange Commission, the FA’s approval has already been obtained, bringing Ratcliffe closer to finalizing his investment and assuming control of football operations at the esteemed English club. However, the completion of Ratcliffe’s investment is contingent upon the finalization of the tender offer for Class A shares.
The deadline for holders of Class A shares to tender them for sale has been extended from February 14 to February 16, 23:59.
On Christmas Eve, it was announced that Jim Ratcliffe, the chairman of INEOS, had agreed to purchase a 25 percent stake in Manchester United from the unpopular Glazer family, in a deal valued at approximately £1.02 billion ($1.3 billion). Additionally, Ratcliffe plans to invest an additional £238 million in the club’s infrastructure.
As the investment nears completion, the 71-year-old Ratcliffe has been engaging in meetings with club staff and associates. He has also met with leaders of the independent Manchester United Supporters’ Trust, as well as local figures including senior representatives of Trafford Council and Greater Manchester mayor Andy Burnham. Furthermore, Ratcliffe attended the Munich air disaster memorial last week, demonstrating his passion as a lifelong United fan.
Reportedly, Ratcliffe is already devising plans to revamp United’s squad following a challenging season for the club, which last won the Premier League in 2013.
