Ratcliffe could be forced to divest ManU stake under some conditions
Reuters
December 27, 2023 13:30 MYT
December 27, 2023 13:30 MYT
Ineos chairman Jim Ratcliffe is pictured at Old Trafford in Manchester, Britain, March 17, 2023. - REUTERS/Phil Noble/File Photo
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.