The Premier League has approved Sir Jim Ratcliffe’s minority takeover of Manchester United, bringing the deal closer to completion.
Ratcliffe extended the deadline for his offer until the end of this week to ensure thorough checks into the agreement could be carried out, and the Premier League has now given its approval to his proposal.
As reported by the Telegraph, Ratcliffe’s purchase has entered the final stage, with the Football Association expected to give its seal of approval in the coming days.
Premier League releases a statement about Sir Jim Ratcliffe’s takeover
“Sir Jim Ratcliffe’s acquisition of 25% of Manchester United FC, and further investment of $300m in the club, has been approved by the Premier League Board following the completion of the Owners’ and Directors’ Test (OADT),” a Premier League statement read.
“The Board agreed to the change of the club’s ownership structure last week, and this has now been officially ratified by an Independent Oversight Panel. The Premier League’s Owners’ Charter has also been signed.
“This is the first acquisition of Control to be reviewed and approved by a new Independent Oversight Panel following changes to the process which were agreed by Premier League clubs in March 2023.
“The Premier League now awaits confirmation of the transaction’s completion.”
The Glazer family, the current owners of United, started the sale of the club in November 2022, and the process seems to be nearing its conclusion after navigating various bidding stages and a financial battle between Ratcliffe and Sheikh Jassim of Qatar.
As part of Ratcliffe’s deal, he will take control of United’s footballing operations, with the Glazers also agreeing to grant Ratcliffe more influence in non-football matters.
One of Ratcliffe’s visions for the club involves enhancing United’s stadium. The INEOS chief aims to transform the club’s venue into the ‘Wembley of the North’ and is exploring options regarding Old Trafford, including the possibility of demolishing the stadium and rebuilding it from scratch.