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5 months ago
40 Sir Jim Ratcliffe has submitted his tender offer for 25% of the Class A shares traded on the New York Stock Exchange as part of his deal to become the minority owner of Manchester United.
The deal was announced on Christmas Eve that the INEOS chairman had agreed to buy 25 per cent of the football club, which included investing $300m into the club’s infrastructure.
Although Ratcliffe and INEOS are waiting on the deal to be ratified by the Premier League, there has already been whispers about plans to improve the club’s training facilities. It is believed that the club has considered buying a golf course in the South Manchester area.
However, as well as buying Class B shares held by the Glazer family, the announcement before the New Year confirmed Ratcliffe would offer to acquire up to 25% of all Class A shares at a price of $33 per share.
On Wednesday the public was granted access to the US Securities and Exchange Commission filing. It showed that Ratcliffe’s company, registered as Trawlers Limited, had an offer for up to 13,237,834 Class A ordinary shares confirmed.
The document read: “The offer and withdrawal rights will expire at one minute after 11.59pm eastern time on February 13, 2024, unless the offer is extended or earlier terminated.”
Reading the Tender Offer for Man United, which has all the facts laid out below, it is even more remarkable there was such a PR heave behind the Qatari bid
A lot of the big accounts that caused havoc at time (and a lot of pile-ons) not posting details nowhttps://t.co/CJZj6ImKCH
— Miguel Delaney (@MiguelDelaney) January 17, 2024
The filing also states that the offer represents a 27.69% ownership interest and 28.71% voting interest in the football club.
Meanwhile, United’s recent figures show record first-quarter revenues up 9% at £157.1m.
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