Sir Jim Ratcliffe’s takeover of 25% of Manchester United has been officially signed off and approved by the Premier League, with FA approval nothing more than a formality, according to Fabrizio Romano.
Ratcliffe’s Takeover Approved By The Authorities
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Formalities Completed
Premier League approval was seen as nothing more than a formality for most observers, but it will still come as a relief to Manchester United fans to see the deal officially ratified by the relevant authorities.
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This is the first takeover, albeit a minority stake, to have been concluded since the league changed its rules in order to toughen up the Owner and Director Test to exclude prospective owners who are accused of human rights abuses, or alternatively, those who are under government sanction in their countries of origin or elsewhere. Other disqualifying events include violence, corruption or hate crimes.
The Premier League released a statement confirming the completion of the takeover:
““Sir Jim Ratcliffe’s acquisition of 25% of Manchester United FC, and further investment of $300m in the club, has been approved by the Premier League board following the completion of the owners’ and directors’ test. The board agreed to the change of the club’s ownership structure last week, and this has now been officially ratified by an independent oversight panel.”
🚨🔴 OFFICIAL: Premier League confirm Sir Jim Ratcliffe’s acquisition of 25% of Manchester United has been approved following the completion of the Owners and Directors Test.
“The Premier League’s Owners’ Charter has also been signed”. pic.twitter.com/GRiTXDRjv6
— Fabrizio Romano (@FabrizioRomano) February 13, 2024
What This Means for Manchester United
Although not official until today, Sir Jim Ratcliffe has already been moving pieces behind the scenes at Old Trafford as he sets about revamping the entire footballing operation of the club. This confirmation by the Premier League will allow the INEOS owner, alongside trusted partners Sir Dave Brailsford and Jean-Claude Blanc, to accelerate this change and appoint experts into suitable roles in the operation, as evidenced with the appointment of former Manchester City CEO Omar Berrada back in January.
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Since the announcement of the takeover, the team has notably produced an upturn in results and form, with the Red Devils unbeaten since December 30, a 2-1 defeat at Nottingham Forest.
An announcement of the FA approval of Ratcliffe’s takeover is expected to follow in due course and is considered a mere formality.
