Premier League approves Jim Ratcliffe’s takeover of Manchester United
British billionaire Jim Ratcliffe’s bid to buy a 25 per cent stake in English club Manchester United has been approved by the Premier League after several ratifications by various bodies.
Last December, Manchester United announced that Mr Ratchcliffe and the club’s American owners, the Glazers family, had agreed to sell a minority stake to the latter with a promise of a further $300 million investment.
Subsequently, the deal was under review by the Premier League Board and ratification by an Independent Oversight Panel, and the parties involved have now been given the green light to complete the transaction after agreement was reached on ownership structure.
“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 Owners’ and Directors’ Test (OADT),” the Premier League statement read.
The statement added, “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.”
Meanwhile, the Premier League says it is now awaiting the confirmation of the transaction’s completion.
The deal will see Ratcliffe, through his petrochemical company, INEOS, takeover the footballing control of the club.
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