4 months ago
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Manchester United's takeover saga has taken another positive step with approval from the Premier League and Football Association for Sir Jim Ratcliffe's minority investment in the club.
It was announced the British billionaire had passed the league's directors and owners' test on Tuesday, and it has now been confirmed the FA have given their seal of approval for the deal to go ahead.
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It is believed Ratcliffe hopes to officially complete his 25 per cent purchase by the end of February.
Man United fans have been waiting a long time for positive news on the takeover, with the Glazers first starting to explore a sale of the club in November 2022.
Ratcliffe's offer, which will see him become the minority owner of the Red Devils, was initially due to expire at midnight on Tuesday before agreeing to an extension to the end of the week.
That allowed more time for the Premier League to complete their test, which was confirmed in an update to the Securities and Exchange Commission on Monday evening.
A further SEC update has now revealed that approval from the FA has also been obtained as completion edges closer.
The green light from the FA is one of the last remaining steps, but the deal cannot be completed until the tender offer for Class A shares is finalised, with the period in which holders of Class A shares can tender them for sale extended from February 14 until 23:59 on February 16.
United's Class A shares on the New York Stock Exchange dropped on Monday amid speculation over whether the offer would be extended, but then rose by more than six per cent to $21 [£16.57] overnight on Tuesday following the news.
Ratcliffe's 25 per cent purchase means the Glazer family will still have majority control of the Premier League giants.
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However, the terms of the deal means the INEOS chief will have first refusal and a chance to buy further shares for a period of 12 months should the Glazers decide to cash in on more.
Ratcliffe has pledged to invest £236.6million [$300m] into the club's infrastructure, including improving their stadium - although there have been reports in recent weeks of possible plans to leave Old Trafford.
Alex Crook reveals his to-do list for INEOS at Manchester United with Sir Jim Ratcliffe now in charge
The 71-year-old is also said to be planning to lead an overhaul of United's playing squad, as he looks to bring the glory days back to the red-half of Manchester.
Ratcliffe has conducted a series of meetings with club staff and associates in recent days.
He has met leaders of the independent Manchester United Supporters' Trust and spoke with local leaders, including senior representatives of Trafford Council, and Greater Manchester mayor Andy Burnham.
He was also among those in attendance at the Munich Air Disaster memorial last week.
