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Sir Jim Ratcliffe strikes major Glazers agreement as details of Man Utd meeting emerge
Sir Jim Ratcliffe is on the verge of a significant Glazers breakthrough at Man Utd.
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Sir Jim Ratcliffe has taken a significant step towards completing his £1.3billion investment in Manchester United after an extraordinary general meeting between the club's shareholders on Monday. A SEC filing has revealed the details of the meeting, during which Ratcliffe's voting power at Old Trafford was confirmed.
The 71-year-old tycoon is awaiting Premier League ratification on the deal that will see INEOS inherit total control of the club's football operations and also an influence in commercial matters.
Ratcliffe's 29 per cent stake in United is reportedly unlikely to become official this week as the Premier League dots the i's and crosses the t's in the complex agreement.
But that confirmation is expected by mid-February when he can accelerate plans to overhaul his lifelong club on the pitch and off it in search of restoring success.
On Tuesday, a published SEC filing revealed that a significant shareholders meeting regarding Ratcliffe's investment had taken place at the start of the week.
The holders of 1,133,983,149 votes of the United's Class A ordinary shares and Class B ordinary shares were present in person or represented by proxy.
And those present voted in favour of allowing Ratcliffe to take B shares - which hold enhanced voting power at Old Trafford - in a significant step towards the conclusion of a 15-month strategic review process.
Sir Jim Ratcliffe’s investment looks to have moved a step closer according to the latest SEC filing #mufc pic.twitter.com/OYywFKUoUg
— Chris Wheeler (@ChrisWheelerDM) February 6, 2024
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The filing confirmed the approval of a special resolution to create "a new amended and restated memorandum and articles of association to, among other things, provide for certain transfers of Class B ordinary shares without conversion of such shares into Class A ordinary shares."
Ratcliffe ensured he was guaranteed the ability to buy the Glazers' B shares and retain their enhanced voting power while striking his £1.3bn agreement with the American owners.
Despite the Glazer siblings accepting the demands, it was still a matter required to be formally voted on by United's shareholders, as it remains a public company.
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But the decision was passed with no issue, and Ratcliffe will inherit a significant say in the complete running of the club once the Premier League ratifies his investment.
INEOS have already influenced the running of the club. United announced the appointment of Omar Berrada as their new chief executive last month.
The Manchester City chief was technically a Glazer appointment, but he was reportedly identified and approached by INEOS.
A new director of football is expected to follow Berrada through the door shortly after the investment becomes official as preparations for the summer accelerate.