Manchester United said it could coerce Jim Ratcliffe under certain circumstances to divest his ownership in the British soccer club at least 18 months after the billionaire closes his acquisition of a 25% stake in the company.
It made the disclosure in a regulatory filing on Tuesday, but did not specify the circumstances.
Manchester United's filing also said that for three years after the tycoon's deal closes any potential sale of the club solicited by its American owners, the Glazer family, will need to fetch at least $33 per share for Ratcliffe.
A spokesperson for Manchester United did not immediately respond to a Reuters request for comment outside normal business hours.
On Sunday, Ratcliffe's INEOS Group struck a deal to buy 25% interest in Manchester United at $33 per share. The deal valued the 20-time English champions at $6.3 billion including debt, a source familiar with the matter said.
The company's shares closed up 3.4% on Tuesday, as the agreement cleared months of uncertainty over a deal that fans and investors hoped would revitalize the British soccer club.
Manchester United said it could coerce Jim Ratcliffe under certain circumstances to divest his ownership in the British soccer club at least 18 months after the billionaire closes his acquisition of a 25% stake in the company.
It made the disclosure in a regulatory filing on Tuesday, but did not specify the circumstances.
Manchester United's filing also said that for three years after the tycoon's deal closes any potential sale of the club solicited by its American owners, the Glazer family, will need to fetch at least $33 per share for Ratcliffe.
A spokesperson for Manchester United did not immediately respond to a Reuters request for comment outside normal business hours.
On Sunday, Ratcliffe's INEOS Group struck a deal to buy 25% interest in Manchester United at $33 per share. The deal valued the 20-time English champions at $6.3 billion including debt, a source familiar with the matter said.
The company's shares closed up 3.4% on Tuesday, as the agreement cleared months of uncertainty over a deal that fans and investors hoped would revitalize the British soccer club.
Since former manager Alex Ferguson stepped down in 2013, the club has seen five permanent managers and three caretakers but has failed to recapture its glory days, winning just four trophies in 11 years.
Reuters
Wed Dec 27 2023
Ineos chairman Jim Ratcliffe is pictured at Old Trafford in Manchester, Britain, March 17, 2023. - REUTERS/Phil Noble/File Photo
COP29 climate summit draft proposes rich countries pay $250 billion per year
The draft finance deal criticised by both developed and developing nations.
Bomb squad sent to London's Gatwick Airport after terminal evacuation
This was following the discovery of a suspected prohibited item in luggage.
Kelantan urges caution amidst northeast monsoon rains
Kelantan has reminded the public in the state to refrain from outdoor activities with the arrival of the Northeast Monsoon season.
Former New Zealand PM Jacinda Ardern receives UN leadership award
Former New Zealand prime minister Jacinda Ardern was given a global leadership award by the United Nations Foundation.
ICC'S arrest warrants for Netanyahu, Gallant an apt decision - PM
The decision of the ICC to issue arrest warrants against Benjamin Netanyahu and Yoav Gallant is apt, said Datuk Seri Anwar Ibrahim.
KTMB provides two additional ETS trains for Christmas, school holidays
KTMB will provide two additional ETS trains for the KL Sentral-Padang Besar route and return trips in conjunction with the holidays.
BNM'S international reserves rise to USD118 bil as at Nov 15, 2024
Malaysia's international reserves rose to US$118.0 billion as at Nov 15, 2024, up from US$117.6 billion on Oct 30, 2024.
Findings by dark energy researchers back Einstein's conception of gravity
The findings announced are part of a years-long study of the history of the cosmos focusing upon dark energy.
NRES responds to Rimbawatch press release on COP29
The Ministry of Natural Resources and Environmental Sustainability (NRES) wishes to offer the following clarifications to the issues raised.
Online Safety Bill and Anti-Cyberbullying Laws must carefully balance rights and protections
The Online Safety Advocacy Group (OSAG) stands united with people in Malaysia in the fight against serious online harms.
Malaysia's inflation at 1.9 pct in Oct 2024 - DOSM
Malaysia's inflation rate for October 2024 has increased to 1.9 per cent, up from 1.8 per cent in September this year.
Saudi Arabia showcases Vision 2030 goals at Airshow China 2024
For the first time, Saudi Arabia is participating in the China International Aviation & Aerospace Exhibition held recently in Zhuhai.
King Charles' coronation cost GBP 71mil, govt accounts show
The coronation of Britain's King Charles cost taxpayers GBP72 million (US$90 million), official accounts have revealed.
Couple and associate charged with trafficking 51.9 kg of meth
A married couple and a man were charged in the Magistrate's Court here today with trafficking 51.974 kilogrammes of Methamphetamine.
PDRM to consult AGC in completing Teoh Beng Hock investigation
The police may seek new testimony from existing witnesses for additional insights into the investigation of Teoh Beng Hock's death.
Thai court rejects petition over ex-PM Thaksin's political influence
Thailand's Constitutional Court rejects a petition seeking to stop Thaksin Shinawatra from interfering in the running the Pheu Thai party.
Abidin takes oath of office as Sungai Bakap assemblyman
The State Assemblyman for Sungai Bakap, Abidin Ismail, was sworn in today at the State Assembly building, Lebuh Light.
UPNM cadet officer charged with injuring junior, stomping on him with spike boots
A cadet officer at UPNM pleaded not guilty to a charge of injuring his junior by stomping on the victim's stomach with spike boots.
How Indian billionaire Gautam Adani's alleged bribery scheme took off and unraveled
The indictment was unsealed on Nov. 20, prompting a $27 billion plunge in Adani Group companies' market value.
Elon Musk blasts Australia's planned ban on social media for children
Several countries have already vowed to curb social media use by children through legislation, but Australia's policy could become one of the most stringent.