JIM RATCLIFFE’S PURCHASE of a 25% stake in Manchester United has obtained Premier League approval.
Confirmation that the league had given its backing to the deal was contained within an update to the Securities and Exchange Commission (SEC) on Monday.
The club are still awaiting approval from the English Football Association.
The period in which holders of Class A shares can tender them for sale has been extended from 14 February until 23:59pm on 16 February.
So far 36.7% of Class A shares have been tendered, already enough to complete the 25 per cent acquisition. Ratcliffe’s offer is capped at 25%, so even though more shares are available, that is the most which will be purchased.
The Premier League announced on Tuesday afternoon that the deal had been approved following the completion of the owners’ and directors’ test (OADT).
“The (Premier League) board agreed to the change of the club’s ownership structure last week, and this has now been officially ratified by an independent oversight panel,” a league statement read.
“The Premier League’s Owners’ Charter has also been signed.”
Club sources say the process is now moving positively towards completion.
It was announced on Christmas Eve that the Ineos chairman had agreed to buy a 25% stake in the Red Devils in a deal that included investing a further $300 million (€280 million) into their infrastructure.
As well as buying Class B shares held by the Glazer family, the announcement confirmed Ratcliffe would offer to acquire up to 25%of all Class A shares at a price of $33 (€30) per share.
