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.
Paul – Harry needs wins at this stage, only 2 all season. While a point against a top 3 side is a decent result, draws are not going to suffice for QPR. In fact it’s beginning to look like themselves and Reading could get cut adrift.
I still think it’s a good point Neil, given that Tottenham have the far superior team on paper.
think that could be the last nail in the coffin for villa. what the hell has happened to a once great club? to be fair this has been comin for a couple of seasons now. been in rapid decline since the great man himself legged it. really Cant see how they can turn it around. sad day. sad day
Walters go home you’re drunk.
thats 42 goals conceded and 17 scored for villa. says it all really!! reading southampton winning wigan qpr gettin a point. honestly thought we would have a tough season but today is takin the piss!! hope i am wrong but think it could be all over. no heart or passion in the side. fair play to reading they r willing to have a go. Cant say fairer than that. better to go down fighting than with a whimper. know which one describes villa at the moment. maybe we can qualify for Europe by the fair play league??
I’m inclined to agree with u Cornelius. Sad to see such a decline – so many unfamiliar names in their squad and a manager gripped by paralysis. The 7 ever-present clubs since the PL started in ’92 looks like it will lose a member come May.
Villa are a club I’d hate to see relegated,they’ve had a serious lack of investment for a number of seasons now,it’s one of the most threadbare squads on the Premiership too. I’d worry of they went down it could be a long time before they came back up again,but at least they aren’t heavily in debt like Leeds and Portsmouth were,losing Petrov was a big blow too,no leadership since he had to hang up his boots
*in and *if!