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.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Economy
Tinubu’s reforms spare Nigeria deeper economic crisis, says Shettima
Mr Shettima says President Bola Tinubu’s economic decisions have spared Nigeria a deeper crisis that further delays in implementing critical reforms would have caused.
NationWide
African countries seek to replicate Nigeria’s housing PPP model
African countries have expressed interest in replicating Nigeria’s Renewed Hope Housing public-private partnership model to improve affordable housing delivery.
World
UN food agency slashes Gaza aid by one-third
The UN agency on Monday said the World Food Programme is scaling back its food aid for needy people in the Gaza Strip by about a third because of funding gaps.
Abuja
We’ve been suspended since 2024; Tinubu now intervening: Zamfara Lawmakers
“We must be loyal to Mr President. You know, every good Nigerian, irrespective of political affiliation, must respect Mr President,” said the lawmakers.
Health
IVF, Surrogacy: NISA calls for regulatory framework, public enlightenment
NISA Premier Hospital, Abuja, has called on the federal government to establish a comprehensive regulatory framework for in vitro fertilisation and surrogacy.
Abuja
Russian strategist praises Nigeria’s capacity to manage electoral disagreements
Mr Bianki made the observation on Monday at a public presentation in Abuja of the English edition of his book, ‘Politics in Nigeria: Elites and Voters’.
