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Manchester United plc, and Trawlers Limited, an entity wholly-owned by Sir Jim Ratcliffe, are pleased to confirm that Sir Jim Ratcliffe has completed his acquisition of 25% of the club’s Class B shares and 25% of the club’s Class A shares, following the satisfaction of all conditions, including approvals from the Football Association and the Premier League.
The tender offer (the “Offer”) by Trawlers Limited for up to 25% of the Class A shares, at a price of $33.00 per share, expired one minute after 11:59 pm Eastern Time on 16 February 2024. Following the expiration, Trawlers Limited accepted for payment 13,237,834 Class A shares validly tendered in the Offer (and not validly withdrawn), representing 25% of the total outstanding Class A shares as of expiration. Computershare Trust Company N.A., the depositary for the Offer, has advised that the proration factor for the Offer is approximately 26.2%.
Following the closing of the Offer and the acquisition of the Class B shares, Sir Jim has invested $200 million into the club for additional Class A and Class B shares via a primary issuance, resulting in ownership of approximately 27.7% of the club’s Class A shares and 27.7% of the club’s Class B shares, with a further $100 million to be invested by 31 December 2024. These funds are intended to enable future investment in infrastructure at Old Trafford.
Sir Jim Ratcliffe said: “To become co-owner of Manchester United is a great honour and comes with great responsibility. This marks the completion of the transaction, but just the beginning of our journey to take Manchester United back to the top of English, European and world football, with world-class facilities for our fans. Work to achieve those objectives will accelerate from today.”
Joel Glazer, Executive Co-Chairman, said: “I would like to welcome Sir Jim as co-owner and look forward to working closely with him and INEOS Sport to deliver a bright future for Manchester United.”
About Manchester United
Manchester United is one of the most popular and successful sports teams in the world, playing one of the most popular spectator sports on Earth. Through our 146-year football heritage we have won 67 trophies, enabling us to develop what we believe is one of the world’s leading sports and entertainment brands with a global community of 1.1 billion fans and followers. Our large, passionate and highly engaged fan base provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, broadcasting and matchday initiatives which in turn, directly fund our ability to continuously reinvest in the club.
Note: This story has not been edited by The Polymerupdate Editorial team and is auto-generated from a syndicated feed.
