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 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”.
