Finally, the long-awaited takeover saga of Manchester United is coming to an end as Sir Jim Ratcliffe has reportedly received Premier League directors and owners’ test approval for his 25 percent purchase of the club. The British billionaire’s investment was announced on Christmas Eve, and now it seems that the deal will be completed within days.
A Step Closer to Completion
Following the strict Christmas Day deadline set by Sir Jim Ratcliffe, who has paid the Glazers £1.03 billion for his stake, the official offer for a share of the Red Devils was submitted. The process was expected to be finalized by mid-February, and according to The Telegraph, it is almost complete. They reported that Ratcliffe has been approved by the Premier League directors and owners’ test, and now only the Football Association’s sign-off is required to reach a final agreement. Ratcliffe extended his purchase offer until the end of this week, giving the Football Association enough time to complete their review.
Positive Market Response
The news of Ratcliffe’s approval has already had a positive impact on the club’s shares. After the tender offer deadline was extended, United’s Class A shares rose over six percent to £16.57 in post-market trading. Furthermore, official club filings to the US Securities and Exchange Commission confirmed that “the league has privately approved the deal.” All that remains now is the Premier League’s official statement, which is expected once Ratcliffe completes the process, likely next week.
A Bright Future for Manchester United
Aside from the takeover, Sir Jim Ratcliffe has big plans for Manchester United. Once his £1.3 billion takeover is ratified, he has pledged to invest £237 million into club infrastructure. One of his proposals includes building a new state-of-the-art stadium next to the current Old Trafford. The 114-year-old venue has experienced issues such as a leaking roof and rusting metal, which have drawn criticism from fans. Ratcliffe has enlisted the help of Stadium developers Populous to explore options for improving the club’s facilities. Their suggestions include either renovating Old Trafford for around £800 million or constructing a brand new 90,000-seater stadium referred to as the “Wembley of the north.”
With Ratcliffe’s vision and investment, Manchester United is set to embark on an exciting new era. To stay updated on the latest news from Old Trafford, visit F5mag.com.