The Premier League have confirmed the approval of Sir Jim Ratcliffe’s proposed bid to buy a minority stake in Manchester United Football Club.
The news was confirmed on the official website of the Premier League on Tuesday, February 13, 2024. Manchester United said it had already been granted approval under its rules over who is allowed to be an owner or director of a football club.
It was confirmed that Sir Jim Ratcliffe has received the Premier League directors and owners’ test approval’ for his 25 per cent stake and a deal will be completed within days.
The statement read thus;
“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.”
Ratcliffe’s minority investment was announced on Christmas Eve of 2023, along with confirmation that his INEOS company will take over management of the football side of the business.
INEOS director of sport Sir Dave Brailsford has been working at the club’s Carrington training ground since the announcement while the club await official ratification from authorities. Both Ratcliffe and Brailsford have held meetings with manager Erik ten Hag, as well as staff and fan groups.
