Manchester United rallies after Premier League approves Ratcliffe stake

Manchester United announced the Premier League has approved Jim Ratcliffe’s proposed 25% stake in the team, Rob Dawson of ESPN reports, citing update filing to the Securities and Exchange Commission. Manchester United is still awaiting approval from the Football Association but a source told ESPN that the process is moving “positively towards completion,” adds Dawson. The deadline for the tender offer to A shareholders has been extended from February 14 to February 16. With 36.7% of A shares already tendered, the threshold for Ratcliffe’s 25% stake has already been passed, notes ESPN. A source has told the website that the deal could be completed as early as next week. Shares of Manchester United are up 7% to $20.90 in morning trading.