Sir Jim Ratcliffe’s minority acquisition of Manchester United is nearing completion with the approval of the Premier League for the deal.
Ratcliffe has extended the offer deadline until the end of this week to ensure thorough final checks into the agreement, and the Premier League is now content with his proposal.
Ratcliffe had pencilled in mid-February for Premier League approval, meaning his bid for 25% ownership is on course.
‘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 (OADT),’ a Premier League statement read.
‘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.
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‘The Premier League’s Owners’ Charter has also been signed.
‘This is the first acquisition of Control to be reviewed and approved by a new Independent Oversight Panel following changes to the process which were agreed by Premier League clubs in March 2023.
‘The Premier League now awaits confirmation of the transaction’s completion.’
INEOS have wasted no time getting to grips with life at Old Trafford.
Omar Berrada has been appointed the club’s CEO, with United appointing the Spaniard from rivals Manchester City.
INEOS, who are currently conducting an audit of the club, will appoint a Sporting Director and a head of recruitment.
A decision over Erik ten Hag’s future will be made at the end of the season.
United moved to within five points of Aston Villa in 5th on Sunday with a 2-1 win against Unai Emery’s side.
