Ineos Chairman Approved for 25% Stake in Manchester United, Further Investment and Squad Revamp

Sir Jim Ratcliffe, the chairman of Ineos, has received approval from the Premier League for his purchase of a 25% stake in Manchester United. However, the club is still awaiting approval from the Football Association.

The Premier League's approval was confirmed in an update to the Securities and Exchange Commission (SEC) on Monday evening. In a statement on Tuesday, the Premier League announced that Ratcliffe's acquisition and further investment of $300 million in the club have been approved by the Premier League Board, following the completion of the Owners' and Directors' Test (OADT). The club's ownership structure change was agreed upon by the board last week and has now been officially ratified by an Independent Oversight Panel.

The period for tendering Class A shares for sale has been extended until February 16. Currently, 36.7% of Class A shares have been tendered, which is enough to complete the 25% acquisition. Ratcliffe's offer is limited to 25%, so no additional shares will be purchased.

The deal, which was announced on Christmas Eve, includes Ratcliffe investing an additional $300 million into the club's infrastructure. In addition to purchasing Class B shares from the Glazer family, Ratcliffe has offered to acquire up to 25% of all Class A shares at a price of $33 per share.

Ratcliffe has been actively engaging with club staff and associates, including meetings with the Manchester United Supporters' Trust and local leaders such as representatives from Trafford Council and Greater Manchester mayor Andy Burnham. He also attended the Munich Air Disaster memorial last week.

Ratcliffe is reportedly planning to lead a revamp of United's playing squad, with a focus on bringing in four new players to support Erik ten Hag's efforts to secure Champions League qualification.