Premier League issue statement as Sir Jim Ratcliffe investment in Manchester United approved

The Premier League has confirmed Sir Jim Ratcliffe's acquisition of 25% of Manchester United has been approved following the completion of the Owners' and Directors' Test.

Ratcliffe is now on the verge of securing a stake in United worth £1.3 billion, with final confirmation of the deal anticipated shortly. United are still awaiting approval from the Football Association, but club sources say the process is proceeding positively towards completion.

The deadline for the tender offer to Class A shareholders has been extended from February 14 to February 16. 36.7% of the Class A shares have been tendered for sale so far, which exceeds the 25% Ratcliffe, chairman of the Ineos Group, has offered to purchase.

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A Premier League statement read: "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).

"The Board has 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 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."