Ineos Chairman Set to Acquire 25% Stake in Manchester United, Premier League Approval Secured

Sir Jim Ratcliffe, chairman of Ineos, is on the verge of completing his purchase of a 25% stake in Manchester United. The Premier League has given its approval to the deal, as confirmed in an update to the Securities and Exchange Commission (SEC) on Monday evening. However, the club is still awaiting approval from the Football Association.

The deadline for holders of Class A shares to tender them 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 capped at 25%, so no additional shares will be purchased.

The Premier League announced on Tuesday afternoon that the deal had been approved following the completion of the owners' and directors' test (OADT). The league's board agreed to the change in ownership structure, which has now been officially ratified by an independent oversight panel. The Premier League's Owners' Charter has also been signed.

The process of completing the deal is progressing positively, according to club sources. Ratcliffe has been actively engaging with club staff and associates, including meetings with the independent Manchester United Supporters' Trust and local leaders such as senior representatives of Trafford Council and Greater Manchester mayor Andy Burnham.

In addition to the purchase of 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. It is reported that Ratcliffe is already planning an overhaul of United's playing squad, with a focus on bringing in four new players to strengthen the team's bid for Champions League qualification.