February 14, (THEWILL) – British billionaire Sir Jim Ratcliffe’s deal to acquire a 25% stake in Manchester United has received approval from the England Football Association and the English Premier League. The $1.3 billion purchase will see Ratcliffe’s Ineos Group take control of football operations while the Glazer family retains majority ownership.
The EPL confirmed its approval of the deal, contingent on final completion of the transaction which remains open to shareholders until Friday night EST in the US. Ratcliffe has also signed the League’s owners’ charter – the first under a revised test instituted in March 2023.
Announced on Christmas Eve, the agreement includes $300 million earmarked for investment in Old Trafford stadium upgrades. Ratcliffe will acquire 25% of Class B shares, mostly held by the Glazers with near-total voting power, as well as up to 25% of publicly traded Class A shares, currently valued at $33 each.
As of Monday, 36.7% of Class A shares have been offered for sale, above the 25% threshold. Taking on sporting control means Ineos will steer football operations and Academies for both men’s and women’s teams. They will also gain two board seats.
Ratcliffe has visited Old Trafford and training facilities while awaiting final approval, understood to be nearing completion barring any late issues. The Glazers, who bought United in 2005 for £790m, announced plans to sell a stake in November 2022.
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Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
