Credit: X
The English Premier League confirmed British industrialist Sir Jim Ratcliffe's 25 per cent acquisition of Manchester United. The league's confirmation about backing the deal was obtained within an update to the Securities and Exchange Commission (SEC) on Monday evening. Ratcliffe and his Ineos Sports already own a stake in French club OGC Nice.
United is waiting for the Football Association's approval for the deal, which is slated to be completed by mid-February giving Sir Jim Ratcliffe control of football operations at Old Trafford. The Premier League approval is dependent on the deal being completed because of which the League will not confirm the approval until or unless all required permissions are granted.
PL approves Jim Ratcliffe’s Manchester United acquisition
The statement released by the Premier League said, "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). 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."
"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," the statement concluded.
