The Premier League has given its approval for British billionaire Jim Ratcliffe to purchase a 25% stake in Manchester United, following multiple approvals from relevant bodies.
In December, it was announced by Manchester United that an agreement had been made between Mr. Ratcliffe and the club’s American owners, the Glazers family, for the sale of a minority stake to Ratcliffe with a commitment of an additional $300 million investment.
The agreement underwent review by the Premier League Board and needed ratification by an Independent Oversight Panel. Approval has now been granted for the transaction to be completed after finalizing the details on ownership structure.
The Premier League released a statement saying, “The acquisition of a 25 per cent stake in Manchester United FC by Sir Jim Ratcliffe, along with a further $300 million investment in the club, has been sanctioned by the Premier League Board following the successful completion of the Owners’ and Directors’ Test (OADT).”
Further, the statement noted, “Last week, the Board consented to the adjustment in the club’s ownership structure, which has now been formally endorsed by an Independent Oversight Panel. Additionally, the Owners’ Charter of the Premier League has been signed.”
This marks the inaugural acquisition of Control to be scrutinized and sanctioned by a new Independent Oversight Panel, following the amendments in the process which were consented by Premier League clubs in March 2023.
The Premier League is currently awaiting the finalization of the transaction’s confirmation.
Through this deal, Ratcliffe, via his petrochemical company INEOS, will assume footballing control of the club.
