Premier League Approves Sir Jim Ratcliffe’s Manchester United Investment

The Premier League has granted approval for British billionaire Jim Ratcliffe’s acquisition of a 25 per cent stake in Manchester United.

This was confirmed in an update to the US Securities and Exchange Commission (SEC) on Monday evening, SportXparte reports.

While the Football Association’s approval for the deal is still pending, Ratcliffe anticipates its completion by mid-February. Once finalized, he will assume control over football operations at Old Trafford.

Confirming their approval on Tuesday, the Premier League issued a statement which reads: “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.

“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.”

On Tuesday, it was reported that Ratcliffe’s investment is progressing towards a resolution.

The deadline for holders of Class A shares to tender them for sale has been extended from February 14 to February 16 at 23:59pm. Currently, 36.7 per cent of Class A shares have already been tendered, surpassing the required 25 per cent acquisition.

In the initial announcement on Christmas Eve, it was revealed that Ratcliffe, the INEOS chairman, had agreed to purchase a 25 per cent stake in United from the Glazer family for approximately £1.02 billion ($1.3 billion).

Additionally, Ratcliffe will invest £238 million in the club’s infrastructure. As the investment nears completion, the 71-year-old has been engaging in meetings with club staff, associates, and various stakeholders.

He has met with leaders of the independent Manchester United Supporters’ Trust, as well as local leaders such as senior representatives of Trafford Council and Greater Manchester mayor Andy Burnham.

Ratcliffe, a lifelong United fan, also attended the Munich Air Disaster Memorial last week.

It has been reported that Ratcliffe is already planning to lead a squad overhaul for United following a challenging season for the club, which last won the Premier League in 2013.