Manchester United have confirmed that the Premier League has approved Sir Jim Ratcliffe’s 25 percent stake in the club.
This is coming after Sir Jim Ratcliffe’s 25 percent stake in Manchester United was filed to the Securities and Exchange Commission on Monday, February 12.
The approval from the Premier League means that the 71-year-old British billionaire has been approved to be a part owner of Manchester United.
However, the Premier League’s approval is not sacrosanct, as approval from the English Football Association is still pending.
But the fact that the Premier League has cleared Jim Ratcliffe means that he has no record of criminal convictions, sporting bans, or involvement in other clubs.
Recall that the British billionaire, the founder and owner of a multinational petrochemical company, INEOS, agreed to buy 25 percent of United’s Class A shares traded on the New York Stock Exchange in December 2023.
The deal includes an agreement for Ratcliffe to invest 300 million US dollars into the club’s infrastructure. He is also expected to provide $200 million in funding immediately after the minority takeover is completed and another $100m by the end of 2024.
Once these payments are made, Sir Jim Ratcliffe’s stake in the club will increase to 29 percent, while the majority owners of Manchester United, the Glazer family, will maintain a 49% stake in the club.
Once the English FA approves this deal, Jim Ratcliffe will be in charge of United’s football operations through his INEOS Sport division.
Immediately he and Manchester United agreed to the 25 percent stake in the club, Ratcliffe met with some major stakeholders at the club including coach Erik ten Hag, leaders of the independent Manchester United Supporters’ Trust, and a host of others.
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