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 is also purchasing up to 25 per cent of Class A shares and investing 300million US dollars (£239m) into the club’s infrastructure. The deal is also subject to Premier League approval.
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.
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”.
