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.
Man United get approval from the FA to sell minority stake to British billionaire Jim Ratcliffe
https://arab.news/ve5b8
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
Sudan beat Equatorial Guinea for rare AFCON win
- Unlucky Torino center-back Coco saw the ball come off him and ricochet into the net in the 74th minute
CASABLANCA: Sudan boosted their chances of qualifying for the knockout stage of the Africa Cup of Nations after a Saul Coco own goal gave them a 1-0 win over Equatorial Guinea on Sunday.
Unlucky Torino center-back Coco saw the ball come off him and ricochet into the net in the 74th minute in Casablanca when his teammate Luis Asue attempted to clear a Sudan free-kick.
Sudan won the Africa Cup of Nations in 1970 but this is just their second victory in 18 matches across six appearances at the tournament since then.
They lie 117th in the FIFA world rankings, compared to Equatorial Guinea in 97th.
The win leaves Kwesi Appiah’s team on three points from two games in Group E, while Equatorial Guinea have lost both matches so far.
Sudan are competing at this AFCON in Morocco despite the country having been devastated since war broke out between the army and rival paramilitary Rapid Support Forces (RSF) in April 2023.
They will play Burkina Faso in their last group game on Wednesday and will be aiming to reach the knockout stages of the Cup of Nations for just the second time since that 1970 triumph — they got to the quarter-finals in 2012 before losing to eventual winners Zambia.
