Sir Jim Ratcliffe’s purchase of Manchester United gets Premier League approval.
The INEOS chairman has completed the initial deal to acquire the share of the club back in December and was awaiting Premier League approval.
Any new owner or director of a club has to pass the governing body’s owners’ and directors’ test.
Ratcliffe agreed to buy a 25% stake in Manchester United and become the minority of the club.
It was announced on Christmas Eve that Ratcliffe has agreed to buy a 25% stake in Manchester United and infuse a $300million investment in the club’s infrastructure.
The deal worth about $1.3bn is still subject to Football Association approval.
A statement from Premier League read: “‘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 now awaits confirmation of the transaction’s completion.”
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