The Premier League formally approves Jim Ratcliffe’s Manchester United investment
The Premier League has authorized British businessman Jim Ratcliffe’s acquisition of a 25% share in Manchester United.
Ratcliffe’s investment was approved by the Premier League, according to a Monday evening statement to the US Securities and Exchange Commission (SEC).
Ratcliffe said that the arrangement, which would give him command over football operations at Old Trafford, may be finalized by mid-February. United is now seeking Football Association permission.
In a statement released by the Premier League on Tuesday, the league confirmed that Sir Jim Ratcliffe’s purchase of 25% of Manchester United FC and additional $300 million investment in the team had been approved by the Premier League Board after the Owners’ and Directors’ Test was finished.
“An Independent Oversight Panel has formally confirmed the ownership structure change that the Board approved last week for the club. Additionally, the Owners’ Charter of the Premier League has been signed.
“A confirmation of the transaction’s completion is currently awaited by the Premier League.”
Ratcliffe’s investment was reportedly approaching a settlement on Tuesday.
The time frame for Class A share holders to offer their shares for sale has been extended from February 14 till February 16 at 23:59 p.m.
36.7 percent of Class A shares have been offered so far, which is already sufficient to complete the 25% purchase.
On Christmas Eve, it was revealed that INEOS chairman Ratcliffe had agreed to pay the controversial Glazer family around £1.02 billion ($1.3 billion) for a 25% share in United.
In addition, Ratcliffe plans to spend an additional £238 million on the club’s infrastructure.
As the investment draws closer to completion, the 71-year-old has had a number of meetings with club employees and colleagues in recent days.
Ratcliffe has talked with top Trafford Council members, Greater Manchester Mayor Andy Burnham, and leaders of the independent Manchester United Supporters’ Trust.
The childhood United supporter was also there at last week’s Munich Air Disaster memorial.
According to reports, Ratcliffe already has plans to oversee a team change at United after a challenging season for a team that last won the Premier League in 2013.
