Deadline extended for Sir Jim to conclude Manchester United share deal
Sir Jim Ratcliffe’s £1.03bn investment into Manchester United has been approved by the Premier League and the Football Association – but its approval is contingent on the deal being completed, and it has yet to be concluded.
A notice on the New York Stock Exchange has revealed that the deadline to complete or withdraw from the acquisition of around 25% of United’s stock was previously set at one minute past 11:59pm, US Eastern time, on February 13, 2024.
That deadline has now been extended to one minute past 11:59pm on February 16, Eastern time.
Sir Jim, owner of chemicals giant Ineos, has agreed to buy 25% of the club’s class B shares, largely held by the US-based Glazer family, which own 69% of the club, including almost all the voting rights.
He also aims to acquire up to 25% of its class A shares, which are listed on the New York Stock Market.
The deal, through Isle of Man-based purchase vehicle Trawlers Ltd, wholly owned by Sir Jim, was for him to purchase up to 13,237,834 Class A ordinary shares.
The latest information shows the Class A ordinary shares target has been comfortably surpassed.
Computershare Trust Company, the depositary for the offer, has advised Sir Jim and Trawlers Ltd, that, as of 5pm Eastern Time on February 13, 2024, 31,133,974 Class A Shares, representing approximately 58.8% of the outstanding Class A Shares, had been validly tendered, and not validly withdrawn, pursuant to the offer.
In a statement, the Premier League said: “The Premier League now awaits confirmation of the transaction’s completion.”
It also confirmed that Ratcliffe, 71, has signed the league’s owners’ charter.
The deal was agreed on Christmas Eve 2023.
It also includes around £236m for future investment into the club’s Old Trafford stadium. Ratcliffe is keen to substantially redevelop, or refurbish the ground.
Following completion of the deal, Sir Jim will take over sporting control for the men’s and women’s football operations and academies.
