FA approve Ratcliffe's Man Utd investment / Photo: Darren Staples - AFP
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NYSE - LSE
FA approve Ratcliffe's Man Utd investment
British billionaire Jim Ratcliffe's purchase of a 25 per cent stake in Manchester United has been approved by the Football Association.
Ratcliffe's deal had received the backing of the Premier League on Monday evening and the FA have now also given the green light to his investment.
A US Securities and Exchange Commission statement revealed the FA's approval "has already been obtained" as Ratcliffe edges closer to sealing his place in the Old Trafford boardroom.
Ratcliffe's investment, which will give him control of football operations at the 20-time English champions, cannot be completed until the tender offer for Class A shares is finalised.
The period in which holders of Class A shares can tender them for sale has been extended from February 14 until 23:59 on February 16.
It was announced on Christmas Eve that INEOS chairman Ratcliffe had agreed to buy a 25 per cent stake in United from unpopular owners the Glazer family in a deal worth around £1.02 billion ($1.3 billion).
Ratcliffe will also invest a further £238 million in the club's infrastructure.
The 71-year-old has conducted a series of meetings with club staff and associates in recent days as the investment nears completion.
Ratcliffe has met leaders of the independent Manchester United Supporters' Trust and spoken with local leaders, including senior representatives of Trafford Council, and Greater Manchester mayor Andy Burnham.
The boyhood United fan was also among those in attendance at the Munich air disaster memorial last week.
Ratcliffe is reportedly already planning to lead an overhaul of United's squad after a difficult season for a club that last won the Premier League in 2013.
P.Martin--AMWN