Manchester United’s stock climbed Tuesday as the Premier League approved British billionaire Jim Ratcliffe’s acquisition of a 25% minority stake in the iconic English club. Shares of operator Manchester United Ltd.
MANU,
+7.83%
rose 7.5%, while the S&P 500 index
SPX
declined 1%. The stock is on pace for its largest daily percent increase since Nov. 17, 2023, when it rose 7.87%, Dow Jones Market Data show.
Ratcliffe, the chief executive of the chemical giant Ineos, reached an agreement to buy 25% of the club from the American Glazer family last year. On Tuesday a spokesperson for Manchester United told MarketWatch that the deal has been approved by the Premier League. Related: Manchester United’s stock rises after Jim Ratcliffe clinches 25% stake and vows to return club to soccer’s pinnacle The Premier League applies a test to all prospective owners and directors of Premier League clubs to ensure their suitability. They are then subject to a review each season. “The Owners’ and Directors’ Test outlines requirements that would prohibit an individual from becoming an owner or director of a club,” the Premier League notes on its website. “These include criminal convictions for a wide range of offences, a ban by a sporting or professional body, or breaches of certain key football regulations, such as match-fixing.” The deal’s approval by the Football Association is pending, according to Manchester United, although the Guardian reports that this is expected to be a formality. The Football Association directed MarketWatch to Manchester United for comment. Related: Manchester United football club …
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MANU,
+7.83%
rose 7.5%, while the S&P 500 index
SPX
declined 1%. The stock is on pace for its largest daily percent increase since Nov. 17, 2023, when it rose 7.87%, Dow Jones Market Data show.
Ratcliffe, the chief executive of the chemical giant Ineos, reached an agreement to buy 25% of the club from the American Glazer family last year. On Tuesday a spokesperson for Manchester United told MarketWatch that the deal has been approved by the Premier League. Related: Manchester United’s stock rises after Jim Ratcliffe clinches 25% stake and vows to return club to soccer’s pinnacle The Premier League applies a test to all prospective owners and directors of Premier League clubs to ensure their suitability. They are then subject to a review each season. “The Owners’ and Directors’ Test outlines requirements that would prohibit an individual from becoming an owner or director of a club,” the Premier League notes on its website. “These include criminal convictions for a wide range of offences, a ban by a sporting or professional body, or breaches of certain key football regulations, such as match-fixing.” The deal’s approval by the Football Association is pending, according to Manchester United, although the Guardian reports that this is expected to be a formality. The Football Association directed MarketWatch to Manchester United for comment. Related: Manchester United football club …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]