Shares of Manchester United Ltd. experienced a significant increase as the Premier League granted British billionaire Jim Ratcliffe the green light to acquire a 25% minority stake in the renowned English club. This development has sparked a surge in the stock, with a rise of 7.5%. In contrast, the S&P 500 index faced a decline of 1%.
According to Dow Jones Market Data, this surge represents the largest daily percent increase since November 17, 2023, when the stock rose by 7.87%.
Jim Ratcliffe, the CEO of chemical company Ineos, secured an agreement last year to purchase the 25% stake from the American Glazer family, who are the current owners. On Tuesday, a spokesperson for Manchester United confirmed that the Premier League has officially approved the deal.
Related: Jim Ratcliffe Clinches 25% Stake in Manchester United, Aims to Restore Club’s Soccer Supremacy
It is worth noting that the Premier League thoroughly assesses the eligibility of all prospective owners and directors of its affiliated clubs through a comprehensive test. These individuals undergo yearly reviews to ensure they meet the league’s stringent requirements. The Premier League states on its website that these requirements include restrictions on individuals with criminal convictions for various offenses, bans imposed by sporting or professional organizations, or violations of crucial football regulations like match-fixing.
While the approval from the Football Association is still pending, Manchester United expects it to be a mere formality, as reported by The Guardian.
For further comments, inquiries can be directed to Manchester United or the Football Association.
Manchester United Extends Tender Offer Deadline
Manchester United Football Club has announced an extension to the deadline for Jim Ratcliffe’s tender offer. Previously set for one minute after 11:59 p.m. Eastern time on Tuesday, the new deadline is now one minute after 11:59 p.m. Eastern time on Feb. 16. Ratcliffe, a billionaire, possesses liquid assets “in excess of $4 billion.”
Manchester United: A Rich History of Success
As the most successful team in the history of the English top division, Manchester United has secured the league title a record 20 times. Out of these 20 victories, 13 were attained during the Premier League era that began in 1992. Originally founded as Newton Heath in 1878, the club adopted the name Manchester United in 1902. Just six years later, they claimed their first league title.
Under the leadership of manager Erik ten Hag, Manchester United triumphed in the League Cup final last year, securing their first silverware in six years with a decisive 2-0 victory over Newcastle United.
Talks with Billionaire Jim Ratcliffe
The recent meeting between Manchester United and billionaire Jim Ratcliffe has sparked interest in a potential sale deal. However, details surrounding this matter have not been disclosed.
Next Game: Manchester United vs Luton Town
After a solid 3-0 victory against West Ham United on Sunday, Manchester United currently occupies the sixth position in the Premier League standings. Their upcoming match is scheduled against Luton Town on Feb. 18.
Manchester United Shares Experience Decline
Over the past 52 weeks, Manchester United shares have witnessed an 11.7% decline, whereas the S&P 500 index has experienced a gain of 20.2%.