A billboard depicting INEOS Chairman and Manchester United shareholder Sir Jim Ratcliffe, near Old Trafford stadium, in Manchester. Photo: AFP
British billionaire Jim Ratcliffe's acquisition of a 25% stake in Manchester United was ratified by the Premier League on Tuesday after he passed the organisation's owners' and directors' test.
The $1.25 billion deal, in which the INEOS chairman will also invest $300 million into club infrastructure and take charge of the club's soccer operations, was struck in December.
"Sir Jim Ratcliffe's acquisition of 25 per cent of Manchester United FC, and further investment of $300 million in the club, has been approved by the Premier League Board following the completion of the OADT," a 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.
"The Premier League now awaits confirmation of the transaction's completion."
The Football Association still needs to rubber-stamp the 71-year-old's investment in United but that is seen as a formality.
Lifelong supporter Ratcliffe's buy-in ended more than a year of uncertainty after majority owners, the Glazer family, said in November 2022 they were looking at strategic options for investment into the club they took control of in 2005.
The American Glazers have come under heavy criticism from fans who blame them for a steady decline in the fortunes of the 20-time English league champions after a period of domination under manager Alex Ferguson who retired in 2013.
In its statement the Premier League said it was 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.
-Reuters
