INEOS and Sir Jim Ratcliffe's Purchase of Minority Stake in Manchester United Approved by Premier League

Sir Jim Ratcliffe and INEOS have received approval from the Premier League for their purchase of a minority stake in Manchester United. However, the deal is still awaiting approval from the Football Association (FA).

In December, Manchester United confirmed that a deal had been agreed for Ratcliffe to acquire a 25% stake in the club. The purchase, valued at $1.3 billion, would give the British billionaire control over the club's football operations.

Ratcliffe expressed hope in January that his stake in United would be official by mid-February. A filing with the U.S. Securities and Exchange Commission (SEC) confirmed that the Premier League has approved the move.

The Premier League also confirmed that Ratcliffe has passed their owners' and directors' test. The acquisition of 25% of Manchester United and an additional investment of $300 million by Ratcliffe has been officially ratified by an Independent Oversight Panel.

However, FA approval is still pending, as well as other regulatory requirements. The deadline for the tender offer has been extended to February 16, and approximately 37% of the available Class A shares have been offered to Ratcliffe.

Ratcliffe and INEOS have already made changes at the club, appointing Omar Berrada as the new chief executive. They have also added Jean-Claude Blanc and Sir David Brailsford to the board.

United's next match is against Luton Town on Sunday.