Premier League Approves Sir Jim Ratcliffe's Bid to Buy Minority Stake in Manchester United

The Premier League has approved Sir Jim Ratcliffe's proposed bid to buy a minority stake in Manchester United. United has already been granted approval under its rules for ownership and directorship of football clubs. The Premier League has confirmed its approval of Ratcliffe's minority stake and the $300m (£238m) investment in the club. The transaction's overall completion is now awaited. This is the first acquisition of control to be reviewed and approved by an Independent Oversight Panel, following changes to the process agreed by Premier League clubs in March 2023. United is expecting clearance from the Football Association as Ratcliffe closes in on completing his deal to buy 25% of the club. Ratcliffe's tender offer for 25% of the Class A shares traded on the New York Stock Exchange has been extended until Friday night. The offer is part of Ratcliffe's deal to become the minority owner of Manchester United. Ratcliffe will provide $200m upon completion of the deal and a further $100m by the end of 2024, taking his stake up to 29%. The Glazer family, the current owners, will retain a 49% stake. As part of the deal, Ratcliffe's INEOS Sport division will take over control of United's football operations. Ratcliffe has already met with club staff, supporters' trust leaders, local leaders, and attended the Munich Air Disaster memorial. He is reportedly planning an overhaul of United's playing squad. Ratcliffe's personal wealth is estimated to be in excess of $4bn, with a net worth significantly higher than his liquid assets.