MANCHESTER, England: Jim Ratcliffe’s proposed bid to buy a 25 percent stake in Manchester United moved nearer to completion on Wednesday after the Premier League club said the deal had been approved by the English Football Association.
The Premier League has already cleared Ratcliffe to take up a minority share under its rules regarding who is allowed to be an owner or director of a soccer club.
The British billionaire has until February 17 to complete his purchase, although confirmation could come later than that.
In a filing to the Securities and Exchange Commission on Wednesday, United said the FA had given its approval for the deal to go ahead. League approval was confirmed on Monday.
Ratcliffe is one of Britain’s richest people and the owner of petrochemicals giant INEOS. He agreed a deal to buy a stake in United in December after owners the Glazer family had put the club up for sale in 2022.
The Glazers, who also own the Tampa Bay Buccaneers, eventually opted to sell a minority of the 20-time English champion after also fielding bids from Qatari banker Sheikh Jassim bin Hamad Al Thani.
The 71-year-old Ratcliffe has paid $1.3 billion for “up to 25 percent” of the club and will invest a further $300 million for “future investment into Old Trafford,” United have said.
He will provide $200 million upon completion of the deal and a further $100 million by the end of 2024. That additional investment will eventually take Ratcliffe’s stake up to 29 percent. The Glazer family will have a 49 percent stake under the deal.
Racliffe’s INEOS Sport division will take over control of United’s soccer operation.
Fans have been disillusioned with the team’s on-field decline since the retirement of former manager Alex Ferguson in 2013. United have not won the title since Ferguson’s final season and have repeatedly missed out on qualification for the Champions League during that period.
Many United fans have campaigned to drive the Glazers family out.
While fans hoped for a complete buyout of the club, there is optimism Ratcliffe, who was a boyhood United supporter, can help return them to their glory days.
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Man United get approval from the FA to sell minority stake to British billionaire Jim Ratcliffe
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Man United get approval from the FA to sell minority stake to British billionaire Jim Ratcliffe
- The Premier League has already cleared Ratcliffe to take up a minority share under
- The British billionaire has until February 17 to complete his purchase, although confirmation could come later than that
Newcastle oust 10-man Villa from FA Cup, Man City beat Beckham’s Salford
LONDON: Newcastle beat 10-man Aston Villa 3-1 thanks to a double from Sandro Tonali to reach the FA Cup fifth round on Saturday as Marc Guehi scored his first goal for Manchester City in a 2-0 victory over fourth-tier Salford.
Both Villa and Newcastle have failed to win the competition since the 1950s and another opportunity for Unai Emery’s men to end a 30-year wait for silverware vanished after a first half red card for goalkeeper Marco Bizot.
Tammy Abraham had fired the home side in front with his first goal since returning to Villa last month.
But the game swung in the Magpies’ favor when Bizot charged off his line to wipe out Jacob Murphy and deny a clear goalscoring opportunity.
Newcastle’s fightback saved the officials from an embarrassing moment becoming more controversial when Lucas Digne’s handball, that was clearly inside the box, was given as a free-kick instead of a penalty.
With VAR not in operation at this stage of the competition, the decision could not be reviewed.
But Newcastle levelled from the resulting free-kick anyway as Tonali’s strike deflected past the helpless Emi Martinez.
Tonali has been linked with a move to Arsenal come the end of the season and the Italian showed why he is in-demand with a blistering strike from outside the box to turn the tie around.
Nick Woltemade then netted his first goal in 15 games to take Newcastle, who last lifted the trophy in 1955, into the last 16.
Owned by Manchester United legends David Beckham and Gary Neville, Salford were playing in the fourth round for the first time in their history.
The League Two side were humbled 8-0 when they faced City in the third round last season, but pushed Pep Guardiola’s men far closer on Saturday.
“They defended really well, so tight and we didn’t attack the spaces the way we should. The game was flat until we scored the second goal,” Guardiola said.
City took an early lead through Alfie Dorrington’s own goal, but there were only nine minutes left when England defender Guehi delivered the decisive blow with his maiden goal since signing from Crystal Palace in January.
- Burnley gamble backfires -
Third-tier Mansfield produced the upset of the day by winning 2-1 at Premier League Burnley to reach the fifth round for the first time since 1975.
Burnley went into the game bolstered by their first league win since October over Crystal Palace in midweek, but boss Scott Parker made nine changes and the gamble backfired.
Burnley took the lead through Josh Laurent’s 21st-minute goal, but Nigel Clough’s team, who sit in mid-table in League One, staged an impressive fightback in the second half.
Rhys Oates headed in the equalizer in the 53rd minute and Louis Reed capped a fine individual performance with a brilliant free-kick 10 minutes from full-time.
Ten-man West Ham edged through as the in-form Crysencio Summerville clinched a 1-0 win at League One Burton after extra-time.
Freddie Potts was sent off soon after Summerville’s strike in the first period of extra-time, but the Premier League strugglers held on to survive a gruelling fourth round clash.
After eliminating Manchester United in round three, Brighton are aiming to deliver another upset when they visit Liverpool later at Anfield.
Both Villa and Newcastle have failed to win the competition since the 1950s and another opportunity for Unai Emery’s men to end a 30-year wait for silverware vanished after a first half red card for goalkeeper Marco Bizot.
Tammy Abraham had fired the home side in front with his first goal since returning to Villa last month.
But the game swung in the Magpies’ favor when Bizot charged off his line to wipe out Jacob Murphy and deny a clear goalscoring opportunity.
Newcastle’s fightback saved the officials from an embarrassing moment becoming more controversial when Lucas Digne’s handball, that was clearly inside the box, was given as a free-kick instead of a penalty.
With VAR not in operation at this stage of the competition, the decision could not be reviewed.
But Newcastle levelled from the resulting free-kick anyway as Tonali’s strike deflected past the helpless Emi Martinez.
Tonali has been linked with a move to Arsenal come the end of the season and the Italian showed why he is in-demand with a blistering strike from outside the box to turn the tie around.
Nick Woltemade then netted his first goal in 15 games to take Newcastle, who last lifted the trophy in 1955, into the last 16.
Owned by Manchester United legends David Beckham and Gary Neville, Salford were playing in the fourth round for the first time in their history.
The League Two side were humbled 8-0 when they faced City in the third round last season, but pushed Pep Guardiola’s men far closer on Saturday.
“They defended really well, so tight and we didn’t attack the spaces the way we should. The game was flat until we scored the second goal,” Guardiola said.
City took an early lead through Alfie Dorrington’s own goal, but there were only nine minutes left when England defender Guehi delivered the decisive blow with his maiden goal since signing from Crystal Palace in January.
- Burnley gamble backfires -
Third-tier Mansfield produced the upset of the day by winning 2-1 at Premier League Burnley to reach the fifth round for the first time since 1975.
Burnley went into the game bolstered by their first league win since October over Crystal Palace in midweek, but boss Scott Parker made nine changes and the gamble backfired.
Burnley took the lead through Josh Laurent’s 21st-minute goal, but Nigel Clough’s team, who sit in mid-table in League One, staged an impressive fightback in the second half.
Rhys Oates headed in the equalizer in the 53rd minute and Louis Reed capped a fine individual performance with a brilliant free-kick 10 minutes from full-time.
Ten-man West Ham edged through as the in-form Crysencio Summerville clinched a 1-0 win at League One Burton after extra-time.
Freddie Potts was sent off soon after Summerville’s strike in the first period of extra-time, but the Premier League strugglers held on to survive a gruelling fourth round clash.
After eliminating Manchester United in round three, Brighton are aiming to deliver another upset when they visit Liverpool later at Anfield.
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