Sir Jim Ratcliffe’s purchase of a 25 per cent stake in Manchester United has moved a step closer following a key vote on Monday.
The INEOS chairman is acquiring 25 per cent of the Class B shares held by the Glazer family – which carry 10 times the voting rights of Class A shares – as part of his investment.
Existing shareholders voted at an extraordinary general meeting on Monday to approve a special resolution, under which the Class B shares would not convert to Class A shares when they were transferred to Ratcliffe.
Ratcliffe will take control of football operations once the deal is done and has the first option to buy more Class B shares from the Glazers, should they decide to sell more.
Sir Jim Ratcliffe’s (L) takeover of Manchester United has taken one step closer to completion
Ratcliffe will take control of football operations at Old Trafford once the deal is done
Ratcliffe’s £1.3billion investment in Manchester United was confirmed on Christmas Eve
For his investment, the 71-year-old Ineos owner will own 25 per cent of his boyhood club
He arrives with the aim of turning around United’s fortunes on the pitch after years of failure
The Glazer family will remain the majority shareholders at Man United following the deal
The club announced a deal had been agreed with Ratcliffe on Christmas Eve.
Last month, the 1958 fan group endorsed Ratcliffe’s investment but pledged to fight ‘until the Glazers have been removed’.
