Premier League approves Ratcliffe £1.02bn stake in Man Utd

February 14: The Premier League has approved British businessman Jim Ratcliffe’s acquisition of a 25% share in Manchester United.
In addition, Ratcliffe is eager to finalize the agreement by mid-February, which will grant him authority over football operations at Old Trafford, so United anticipates approval from the Football Association.

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.”

It was announced on Christmas Eve that Ratcliffe had agreed to buy a minority stake in United from unpopular owners the Glazer family in a deal worth around £1.02 billion. He also plans to spend an additional £238 million on the club’s facilities.

The 71-year-old boyhood United fan is reportedly already planning to lead an overhaul of the squad after a season that is improving following a slow start.

The Glazers have come under heavy criticism from fans who blame them for a steady decline in the fortunes of the 20-time English league champions after a period of domination under manager Alex Ferguson who retired in 2013, the last time they won the league title.

It was widely anticipated by supporters that the Glazers would sell the team outright, but Ratcliffe’s investment has been well received.