Ratcliffe deal with Man Utd approved by Premier League

Posted Wednesday, February 14, 2024 by Dailystar.co.uk

Sir Jim Ratcliffe has received approval from the Premier League over his 25% takeover of Manchester United.

The British businessman’s £1.03billion offer to invest in the Old Trafford club was announced on Christmas Eve. He agreed a deal with the club’s Glazer ownership which would see him take control of football operations and be handed responsibility for other key decisions across the business.

Now the INEOS chief’s deal is finally on the verge of completion after being approved by the Premier League directors and owners’ test, according to The Telegraph. The Football Association will sign off a final agreement in the coming days after Ratcliffe extended his purchase offer until midnight on Friday.

Ratcliffe agreed to buy up a quarter of the Red Devils' class A shares at £26-per-share, well above the current market price. It comes alongside his purchase of Class B shares, which will earn the Glazers an eye-watering £715million.

The Glazers, who took control of United in 2005 for around £790m, put the club up for sale in November 2022. Ratcliffe faced competition from Qatar’s Sheikh Jassim but eventually got his deal over the line after having four separate bids turned down.

The 71-year-old has already begun to pull strings behind the scenes, bringing in a new CEO from rivals Manchester City. Ratcliffe is ready to implement his own transfer strategy which reportedly focuses more on homegrown talent.

He has also pledged to invest £237m into the club’s infrastructure, including the derelict Old Trafford which was largely neglected by the Glazers. The billionaire mogul’s plans could see him look to create a 'Wembley of the North’, which may come in the form of an upgraded Old Trafford or a new ground entirely.