BRIEF-Manchester United Says Reaches Agreement For Jim Ratcliffe To Acquire Up To 25% Shareholding In Company | Education
Summary
Manchester United Plc: * REACHES AGREEMENT FOR SIR JIM RATCLIFFE, CHAIRMAN OF INEOS, TO ACQUIRE UP TO A 25% SHAREHOLDING IN THE COMPANY * ACQUISITION OF 25% OF CLASS B SHARES HELD BY GLAZER FAMILY * GLAZER FAMILY AND CLASS A SHAREHOLDERS WILL RECEIVE SAME PRICE OF $33.00 PER SHARE * FURTHER INVESTMENT OF $300 MILLION IN CLUB * COMPLETION OF THIS DEAL IS SUBJECT TO RECEIVING ALL NECESSARY REGULATORY APPROVALS INCLUDING FROM PREMIER LEAGUE * INEOS DELEGATED RESPONSIBILITY FOR MANAGEMENT OF FOOTBALL OPERATIONS * MANCHESTER -JIM RATCLIFFE, WILL ACQUIRE 25 PER CENT OF MANCHESTER UNITEDS CLASS B SHARES AND UP TO 25 PER CENT OF MANCHESTER UNITEDS CLASS A SHARES * TRANSACTION WILL BE FULLY FUNDED BY TRAWLERS LIMITED WITHOUT ANY DEBT * INEOS HAS ACCEPTED A REQUEST BY BOARD TO BE DELEGATED RESPONSIBILITY FOR MANAGEMENT OF CLUBS FOOTBALL OPERATIONS * BOARD OF DIRECTORS OF MANCHESTER UNITED PLC HAS APPROVED TRANSACTION * MANCHESTER UNITED - WILL INCLUDE TWO SEATS ON MANCHESTER BOARD AND MANCHESTER UNITED FOOTBALL CLUB BOARDS * MANCHESTER UNITED - TRANSACTION IS SUBJECT TO CUSTOMARY REGULATORY APPROVALS AND ALL PARTIES ARE HOPEFUL IT WILL BE COMPLETED AS SOON AS POSSIBLE * $300 MILLION FUNDING COMPRISING $200 MILLION PAID UPON CLOSING OF TRANSACTION AND A FURTHER $100 MILLION BY END OF 2024 Source text for Eikon: Further company coverage: