Sir Jim Ratcliffe has received Premier League directors and owners’ test approval for his 25 per cent purchase of Manchester United.

 

A deal will be completed within days as the Football Association signs off a final agreement after Ratcliffe extended his purchase offer until the end of this week.

United’s Class A shares rose more than six per cent to $21 (£16.57) in post-market trading after the tender offer deadline was extended to Friday from Tuesday.

Club filings to the US Securities and Exchange Commission (SEC) overnight confirmed the league has privately approved the deal.

A Premier League statement confirming the decision is only expected once Ratcliffe completes, however, which is likely next week.

Filings confirmed there was no doubt as far as United’s shareholding set-up is concerned that the Ratcliffe deal will be done. By February 9, around 36.7 per cent of the outstanding Class A Shares had been “been validly tendered (and not validly withdrawn) pursuant to the Offer,” the documents confirm.

 

Premier League approval for the deal is confirmed in the filing’s offer terms.

“Premier League Approval” has “already been obtained”, the document confirms, but the Football Association Approval is still awaited.

 

Ratcliffe, 71, has agreed to gain complete control of football operations as part of his deal for a minority shareholding but the Glazers have since agreed that Ineos should have a broader influence encompassing key decisions across the business.

Telegraph Sport detailed last week how plans include eventually creating a “Wembley of the North” under an ambitious 90,000-seater redevelopment of Old Trafford.

The Ratcliffe deal is now all-but-done after an extraordinary saga which saw the Glazers first start exploring a sale in Nov 2022.

A bump in share values overnight erased losses from earlier in the trading day on Monday amid speculation over whether the offer would be extended. In December, Ratcliffe agreed to buy the stake by allowing investors to swap about one-quarter of their Class A stock holdings for $33 per share, well above the current market price.

As of the close of Friday, 19.4 million shares had been validly tendered, according to the regulatory filing – which means Ratcliffe has already passed the threshold to complete his deal.

United’s American owners are set for a cash windfall of around £715 million from the sale of B shares to Ratcliffe. That eye-watering sum adds to earnings of around £465 million through past sales of A shares and around £150 million in dividend payments.

However, it was announced in previous regulatory filing that there will be no dividends paid for at least three years under Ratcliffe’s deal with the Glazers.

 

United were acquired by the Glazers for around £790 million in a hostile takeover in 2005, since when around £1 billion has been sucked out of the club in debt repayment, interest and management fees to service the leveraged buyout.

In addition to purchasing the Glazer shares, Ratcliffe – through his Isle of Man investment vehicle Trawlers Ltd – is buying up to 25 per cent of Class A shares at the same $33 per share price so as to minimise any risk of legal action from other minority shareholders such as Eminence Capital, Lindsell Train and Ariel Investments.

 

The deal values United’s equity at around $5.4 billion and gives the club an overall enterprise value of $6.3 billion, almost £5 billion.

Ratcliffe has also pledged an additional $300 million (£237 million) to invest in Old Trafford and infrastructure needs. The Oldham-born billionaire will have first refusal for a period of 12 months if the Glazers opted to sell more B shares in the future.

Equally, “drag-along” rights included in the deal mean Ratcliffe would be obliged to sell his shares subject to him receiving a $33 per share cash offer from the Glazers should they decide on a full sale 18 months from now.

A drag-along right is a provision or clause in an agreement that enables a majority shareholder to force a minority shareholder to join in the sale of the company.

[Leadership]

Jose Peseiro has expressed sadness at Nigeria’s failure to win the 2023 Africa Cup of Nations, AFCON, in Ivory Coast.

Peseiro beat all odds, including financial constraints and injuries to key players to lead the Super Eagles to the final of the 2203 AFCON.

Peseiro’s men were unbeaten in six games, drawing against Equatorial Guinea and securing victories over Ivory Coast, Guinea-Bissau, Cameroon, Angola, and South Africa to reach the final.

 

However, they lost 2-1 against the host in the final on Sunday.

In a tweet via his X account, Peseiro also said the Super Eagles are very proud of the tournament they played.

“We are sad for not having been able to win this title for Nigeria. But we are very proud of the tournament we played,” Peseiro, who is currently out of contract, tweeted.

“Guys, only we know how much we suffered and fought to have reached this final. I can’t find the words to thank everyone for what we did and achieved. I am grateful.”

[DailyPost]

Cote d’Ivoire has announced Monday a work-free day to celebrate the the Elephants’ African Cup of Nations (AFCON) victory.

The hosts overcame Nigeria 2-1 on Sunday night to claim their third AFCON title.

Eight minutes before halftime, the Super Eagles took the lead through William Troost-Ekong.

However, Emerse Fae’s team scored twice after the break, thanks to Franck Kessie and Sebastien Haller.

The locals celebrated the team’s victory into the night.

Meanwhile, Abidjan’s Felix Houphouet Boigny Stadium will host a trophy parade today.

President Alssanne Quattara and other top government officials are expected to be present.

During the parade, the president is expected to give cash reward to the players and their officials.

Cote d’Ivoire youngster, Simon Adingra has said the Elephants’ win against Nigeria was one of the best moments of his career.

Adingra bagged two assists as Cote d’Ivoire defeated Nigeria 2-1 in the final.

The Brighton & Hove Albion star was almost unplayable in the game with his runs and dribbles causing problems for the Nigerian defence.


The winger was named Man of the Match after the game.

Adingra also won the Young Player of the Tournament award.

He also credited the effort of his teammates in winning their third tittle in history.

“We did it together, we’re Africa champions and it’s incredible. I’ve just experienced one of the most beautiful moments of my life, and that’s down to the effort of everyone in the team,” he told CAFonline.com.

Last modified on Monday, 12 February 2024 17:13

Stanley Nwabali, Super Eagles goalkeeper, has apologised to Nigerians after the team lost to Cote d’Ivoire in the final of the just concluded Africa Cup of Nations (AFCON).

The Super Eagles were defeated 2-1 by the Elephants of Cote d’Ivoire in the final held at the Olympic Stadium, Ebimpe, Abidjan, on Sunday.

Nigeria took the lead in the match after William Troost-Ekong scored a powerful header in the first half, but Franck Kessie and Sebastien Haller scored in the second half for the Ivorians.

The loss was a disappointing end to a tournament that had revived the interest of many Nigerians in the Eagles.

In a post on his Instagram page, Nwabali described the loss as a “frustrating end”, adding that the team takes full responsibility.

The goalkeeper added he understands “how it feels giving you a disappointing night” while appreciating Nigerians for their support of the team’s AFCON campaign.

“A disappointing and frustrating end. I deeply apologise to Nigerians,” the post reads.

Nigeria’s vice-president, Kashim Shettima has eulogised the Super Eagles despite the team’s failure to win the title at the 2023 Africa Cup of Nations.

The Super Eagles fell to a 2-1 defeat against hosts, Cote d’Ivoire in the final of the competition on Sunday night.

Shettima, who watched the game live at the Alassane Ouattara Stadium, Ebimpe, Abidjan, stated that the players will be rewarded for their gallant effort in the game.


“We have tried our best and be rest assured that there is always the next time. You must have it in mind that the tragedy of life lies in not reaching your goal but the tragedy lies in not having a goal to reach,” the country’s number two citizen stated while addressing the players and their officials after the game.

“It is not a calamity to die with a dream, but it is a calamity when you don’t have a dream at all.

“A lot of countries, Morocco, Tunisia, Egypt and others exited the competition, two, three weeks ago.

“We have come this far, be rest assured that we will come back stronger in the next edition. There is cause for celebration. We are second best in Africa.

“You don’t have to be sad. We have every reason to celebrate. The nation is proud of you. You are the source of our unity. It is only when the Super Eagles are playing that we don’t talk about race or religion. You always unite the nation.

“The nation is in grief, but the nation is in solidarity with you. Be rest assured that your name will be written in gold in the history of football in Nigeria.

“I convey to you, the wish and regards from President Bola Ahmed Tinubu. There is no need for you to be sad. On Wednesday, we were celebrating and we came so close today. We lost the game within just 15 minutes.

“That’s what football is all about. We must understand that whichever way the pendulum swings, the trophy is still for Africa. It is the Africa Cup of unity and it came to West Africa.

“There is every cause for us to celebrate and rejoice. There is every cause for us to unite. Look at our mistakes and correct them in the next edition.

“Honestly, we are very proud of you and the nation will adequately compensate you for your sacrifice. You came close, there is no cause for you to be remorseful or sad. There is no reason for us to be sad or remorseful.”

Super Eagles on-field Captain, William Troost-Ekong, has been crowned the Best Player of the 2023 Africa Cup of Nations (AFCON) tournament.

 

The Nigeria’s Captain outjumped Nottingham Forest’s Serge Aurier to score his third goal of the tournament and give the Super Eagles a 1-0 lead in the AFCON final on Sunday night.

South Africa goalkeeper, Ronwen Williams, won the ‘Goalkeeper of the Tournament’ award after his heroics to power the Bafana Bafana to a third-placed finish ahead of Nigerian keeper, Stanley Nwabali.

Equatorial Guinea’s Emilo Nsue, who from the group stage nicked five goals, got the top goal scorer award.

Cote D’Ivoire coach, Emerse Fae, won the ‘Coach of the Tournament’ while South Africa won the Fair Play award.

Super Eagles defender, William Troost-Ekong, made bruising tackles, led the defence and team vocally from the back, and even scored for Nigeria, emerging as one of the more outstanding players in Super Eagles squad.

[Leadershtp]

Cote d’Ivoire head coach, Emerse Fae has revealed the key to his side’s victory against the Super Eagles of Nigeria.

Les Elephants edged Jose Peseiro’s side 2-1 in the final of the 2023 Africa Cup of Nations at the Alassane Ouattara Stadium, Ebimpe, Abidjan, on Sunday night.

 

It was the West Africans third AFCON title.


“We noticed the Nigerian players were tired in the first half. They were not at their usual best,” Fae said after the game.

“I told my players during the half-time break that we must increase the intensity of our game and it worked out well for us.

“It was not an easy game but the good thing is that we won at the end of the day.”

 

Super Eagles head coach, Jose Peseiro says his players were not at their best in Sunday’s defeat to Cote d’Ivoire.

Peseiro’s side fell to a 2-1 defeat to the hosts in the final of the 2023 Africa Cup of Nations.

William Troost-Ekong gave Nigeria the lead with a header from a corner-kick in the 37th minute.

Cote d’Ivoire however fought back after the break with goals from Franck Kessie and Sebastien Haller.

Peseiro claimed after the game that his players failed to replicate their previous performance in the competition.

“My players did their best in this tournament, Cote d’Ivoire played better than us in this game. We didn’t show our level,” Peseiro said during his interaction with the media after the game.

“The performance on individual and collective level was not good enough for us.

“Cote d’Ivoire played better than us. They played really well. I wanted to win this trophy, my players wanted the trophy as well. It’s unfortunate we couldn’t do it.

“I’m sad, my players are sad too. The performance was not good enough but I can’t fault them. They gave their best in this tournament.

“These things happen in football. Sometimes things don’t go your way.”

Former Peoples Democratic Party, PDP, presidential candidate, Atiku Abubakar, has lamented over the defeat of the Super Eagles of Nigeria to the Elephants of Cote d’Ivoire.

Atiku said the Super Eagles’ defeat was not the result Nigerians expected.

DAILY POST reports that the Ivorian team defeated their Nigerian counterparts 2-1.


However, Atiku posted on X: “Not the result we all expected. Nonetheless, we remain #SuperEagles. Still proud of you guys. Well done, @NGSuperEagles. -AA”

On his part, former Kaduna Central Senator, Shehu Sani congratulated the Ivorian team.

He posted: “In the spirit of Sportsmanship,Congratulations to Ivory Coast and to the Super Eagles. We are proud of their performance. #AFCON2023.