Sir Jim Ratcliffe takes step closer to Man Utd investment after major Glazer policy change

Sir Jim Ratcliffe’s minority investment in Manchester United took another step forward on Monday, with the club’s board of directors voting in favour of the 71-year-old inheriting the Glazers’ voting power once the purchase of shares is complete.

Ratcliffe is purchasing just over a quarter of the Glazers’ Class B shares, which hold 10 times more voting power than the Class A shares. Previously, when the Glazers sold their Class Bs they immediately were transferred to Class As, essentially meaning the American owners retained control over the decision making at Old Trafford.

But as part of Ratcliffe’s deal to purchase a minority stake in United, it was agreed that the Class B shares purchased from the Glazers would not lose their voting power, and that was made official in Monday’s board meeting.

The club filed a report on the U.S. Securities and Exchange Commission, confirming the Glazers' sold shares would not convert into Class As.

“Approval of a special resolution to replace the existing amended and restated memorandum and articles of association of the Company with a new amended and restated memorandum and articles of association to, among other things, provide for certain transfers of Class B ordinary shares without conversion of such shares into Class A ordinary shares,” the report explained.

Ratcliffe’s purchase of 27.69 percent of club shares (coming in the form of both Class A and Class B) is expected to be confirmed later this month and he’ll then have a voting power of 28.71 percent. As part of the deal, the Ineos founder will invest $300m (£239m) into the club, with those funds reserved for the maintenance of Old Trafford.

Ineos, once the deal is ratified, will take over the handling of the football operations at United. Ratcliffe's influence is already being felt at the club, as evidenced by the appointment of Omar Berrada as the new CEO, although that was a decision the Glazers did have the final say on.