Manchester United takeover almost complete as Sir Jim Ratcliffe clears Premier League hurdle
Manchester United's takeover saga is all but over with Sir Jim Ratcliffe receiving Premier League approval for his minority investment in the club.
The British billionaire has passed the test of league directors and owners and hopes to officially complete his 25 percent 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.
This has allowed the Premier League more time to complete its trial, with the Football Association now expected to give final approval to the deal in the coming days.
United's Class A shares on the New York Stock Exchange fell on Monday amid speculation over whether the offer would be extended, but then rose more than six per cent to $21 (£16.57) overnight following the news. .
A Premier League statement reads: “Sir Jim Ratcliffe's acquisition of 25 per cent of Manchester United FC, and an additional $300 million investment in the club, has been approved by the Premier League board of directors. upon completion of the Owners and Directors Test (OADT).
“The board agreed to change the club's ownership structure last week, and this has now been officially ratified by an Independent Oversight Panel. The Premier League owners' charter has also been signed.
“This is the first Control acquisition to be reviewed and approved by a new Independent Oversight Panel following changes to the process agreed by Premier League clubs in March 2023.
“The Premier League now awaits confirmation of the closing of the transaction.”
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Ratcliffe's 25 per cent purchase means the Glazer family will continue to have majority control of the Premier League giants.
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.
