Manchester United: Sir Jim Ratcliffe reaches significant agreement with Glazers as details of meeting surface
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.
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. Our community members are treated to special offers, promotions, and adverts from us and our partners.
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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.
