Manchester United takeover almost complete as Sir Jim Ratcliffe bid wins Premier League and FA approval
Manchester United's takeover saga has taken another positive step with the Premier League and Football Association approving Sir Jim Ratcliffe's minority investment in the club.
It was announced that the British billionaire had passed the league's directors and owners' test on Tuesday, and it has now been confirmed that the FA has given its seal of approval for the deal to go ahead.
Ratcliffe is believed to hope to officially complete his 25 per cent purchase by the end of February.
united man Fans have long been waiting for positive news on the takeover, and the Glazers have begun exploring a sale of the club in November 2022.
Ratcliffe's offer, which will make him a minority owner of the Red Devils, was initially due to expire at midnight on Tuesday before he agreed to an extension until the end of the week.
That gave the Premier League more time to complete its testing, which was confirmed in an update to the Securities and Exchange Commission on Monday night.
A new update from the SEC has revealed that FA approval has also been obtained as completion nears.
The green light from the FA is one of the last remaining steps, but the deal cannot be completed until the takeover bid for Class A shares ends, and the period in which holders of Class A shares can offer them for sale. Sale will run from February 14. until 11:59 p.m. on February 16.
United's Class A shares on the New York Stock Exchange fell on Monday amid speculation about whether the offer would be extended, but then rose more than six per cent to $21 (£16.57) overnight on Tuesday following the news.
Ratcliffe's 25 per cent purchase means the Glazer family will continue to have majority control of the Premier League giants.
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However, the terms of the deal mean the INEOS boss will have preference and the opportunity to buy more shares over a 12-month period should the Glazers decide to cash in more.
Ratcliffe has committed to investing £236.6 million ($300 million) in the club's infrastructure, including upgrading its stadium, although in recent weeks there have been reports of possible plans to leave Old Trafford.
The 71-year-old is also said to be planning to lead a revamp of United's playing squad as he looks to return the glory days to the red half of Manchester.
Ratcliffe has held a series of meetings with club staff and associates in recent days.
He met leaders of the independent Manchester United Supporters' Trust and spoke to local leaders including senior representatives of Trafford Council and Greater Manchester Mayor Andy Burnham.
He was also among those attending the Munich air disaster memorial last week.
