13 February 2024 , 14:16
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Sir Jim Ratcliffe's Manchester United revolution has taken another step closer to reality after the Premier League approved his investment.
The billionaire United fan has passed the League's owners and directors test, clearing another hurdle in his bid to rejuvenate his boyhood club. Ratcliffe is on the verge of officially coming on board at United and his next step is for his deal to be signed off by the FA.
This could happen in a few days and Ratcliffe has already made significant moves in his new role as head of United's football operations.
Ratcliffe has offered to buy 25 per cent of the United's A shares listed on the New York Stock Exchange and he has until just before midnight on Friday to complete this transaction.
This will go through as long as he has the approval of the Premier League and the FA, which should be formalities. The shares will then be sold and transferred to his control. United confirmed Ratcliffe's latest successive step when the club said: "We have secured the approval of the Premier League."
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"Sir Jim Ratcliffe’s acquisition of 25 per cent of Manchester United FC, and further investment of $300 million in the club, has been approved by the Premier League Board following the completion of the Owners’ and Directors’ Test (OADT)," a Premier League statement read.
"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. The Premier League’s Owners’ Charter has also been signed.
'This is the first acquisition of Control to be reviewed and approved by a new Independent Oversight Panel following changes to the process which were agreed by Premier League clubs in March 2023. The Premier League now awaits confirmation of the transaction’s completion."
The club announced the deal with Ratcliffe on Christmas Eve and the INEOS boss is paying £1.25bn for his 25 per cent stake in the club. United's 14-month sale process is nearly over and Ratcliffe has fought long and hard to come on board.
He initially was interested in assuming full control of United from the Glazers, when they put the club up for sale in November 2022. Ratcliffe fought off interest from Qatar and Sheikh Jassim, but the Glazers were reluctant to give up control. The two sides finally agreed on their deal which sees Ratcliffe come in as a minority shareholder.
He has also agreed to take over the club's football operations. Although Ratcliffe has yet to officially come on board, he has wasted no time in making his mark. Richard Arnold has left as CEO and Ratcliffe has lured Moroccan Omar Berrada across from Manchester City to replace him.
Ratcliffe has also brought Sir Dave Brailsford on board as his right-hand man and the former cycling supremo has quit INEOS Grenadiers to focus on his new work at United.
Jean-Claude Blanc has joined Ratcliffe and Brailsford on the United board and he has a wealth of experience from his time at Paris Saint-Germain and Juventus. Ratcliffe has much more to do and he is assessing John Murtough's role as director of football and, of course, Erik ten Hag's as manager.
Ten Hag has met Ratcliffe and is said to be impressed by his new boss. But he knows that he may need to land Champions League football for next season to ensure he carries on as United manager beyond May.
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