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
Spain will host 2030 World Cup final, says RFEF president
- Louzan did not say whether the match would be played at Santiago Bernabeu or Camp Nou
- Once completed in late 2028, the new stadium in Morocco is expected to hold 115,000 spectators
MADRID: Spanish Football Federation (RFEF) President Rafael Louzan has said that Spain will stage the final of the 2030 World Cup, which will be co-hosted by Spain, Portugal and Morocco.
Morocco wants to stage the game in Casablanca at the Grand Stade Hassan II, a huge stadium currently under construction north of the city.
“Spain has proven its organizational capacity over many years. It will be the leader of the 2030 World Cup and the final of that World Cup will be held here,” Louzan said late on Monday at an event organized by the Madrid Sports Press Association.
Louzan did not say whether the match would be played at Madrid’s Santiago Bernabeu or Barcelona’s Camp Nou, the two leading candidates.
Once completed in late 2028, the new stadium in Morocco is expected to hold 115,000 spectators. Morocco’s Royal Football Federation (FRMF) President Faouzi Lekjaa last year expressed his wish to see a final against Spain in Casablanca.
Louzan also alluded to the challenges Morocco faced during its hosting of the last Africa Cup of Nations, including the chaotic scenes during the final between Senegal and Morocco this month.
That match, which Senegal won 1-0, was overshadowed by fan disruptions and player protests that temporarily halted play.
“Morocco is really undergoing a transformation in every sense, with magnificent stadiums,” Louzan said. “We must recognize what has been done well. But in the Africa Cup of Nations, we have seen scenes that damage the image of world football.”
FIFA and the Portuguese and Moroccan football federations have not responded to requests for comment on the final’s location.
FIFA told Reuters last year it was premature to decide the venue for the 2030 final, saying the host city for the 2026 World Cup final was revealed only two years before the tournament. World soccer’s ruling body has the final say on where the match will be played.
