Dec 27: Manchester United said it could coerce Jim Ratcliffe under certain circumstances to divest his ownership in the British soccer club at least 18 months after the billionaire closes his acquisition of a 25 per cent stake in the company.
It made the disclosure in a regulatory filing on Tuesday, but did not specify the circumstances.
Manchester United's filing also said that for three years after the tycoon's deal closes any potential sale of the club solicited by its American owners, the Glazer family, will need to fetch at least $33 per share for Ratcliffe.
A spokesperson for Manchester United did not immediately respond to a Reuters request for comment outside normal business hours.
On Sunday, Ratcliffe's INEOS Group struck a deal to buy 25 per cent interest in Manchester United at $33 per share. The deal valued the 20-time English champions at $6.3 billion including debt, a source familiar with the matter said.
The company's shares closed up 3.4 per cent on Tuesday, as the agreement cleared months of uncertainty over a deal that fans and investors hoped would revitalize the British soccer club.
Under the deal, INEOS will also manage Manchester United's soccer operations after the Glazer family's long-time ownership came under fire for the club's poor performance over the past decade.