SIR JIM RATCLIFFE has reportedly received Premier League directors and owners’ test approval for his 25 per cent purchase of Manchester United.
The British billionaire’s investment in the club was announced on Christmas Eve.
AFPSir Jim Ratcliffe has reportedly received the green light from the Premier League[/caption]
PAHe has received Premier League directors and owners’ test approval for his 25 per cent purchase[/caption]
That was after a strict Christmas Day deadline was set by the 71-year-old, who has paid the Glazers £1.03billion for his stake.
That was expected to be finalised by mid-February – and now The Telegraph have claimed it almost complete.
They reported that he has been approved by the Premier League directors and owners’ test and now the “deal will be completed within days”.
All that remains now is for the Football Association to sign off a final agreement after Ratcliffe extended his purchase offer until the end of this week.
The FA approval is required for United’s participation in the Women’s Super League and still remains pending along with a few other regulatory requirements.
This update also reported how United’s Class A shares have risen over six per cent to £16.57 in post-market trading following the tender offer deadline being extended.
And that official club filings to the US Securities and Exchange Commission last night confirmed that “the league has privately approved the deal”.
Now a Premier League statement should confirm their decision once Ratcliffe completes, which looks likely to be next week.
Aside from overseeing transfers, Racliffe has already vowed to pump in £237m for club infrastructure once his £1.3bn takeover is ratified.
The Theatre of Dreams is now 114 years old and fans have been complaining of a leaking roof, rusting metal and the dated venue lagging decades behind that of United’s biggest rivals.
The Ineos chief has enlisted the help of Stadium developers Populous to draft up some options to improve the club’s facilities.
Populous are behind some of the most impressive arenas in the world including the brand new Tottenham Hotspur Stadium, the iconic Wembley arch and the eye-catching Las Vegas Sphere.
The firm have put forward the option of either renovating Old Trafford for around £800m or starting a fresh by building a brand new 90,000-seater stadium dubbed the “Wembley of the north”.
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