British billionaire Jim Ratcliffe’s purchase of a 25% stake in Manchester United has been approved by the Premier League.
United also expect clearance from the Football Association with Ratcliffe keen to complete the deal by mid-February that will give him control of football operations at Old Trafford.
Confirming their approval, a Premier League statement on Tuesday said: “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.
“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.
“The Premier League now awaits confirmation of the transaction’s completion.”
It was announced on Christmas Eve that Ratcliffe had agreed to buy a minority stake in United from unpopular owners the Glazer family in a deal worth around £1.02 billion. He will also invest a further £238 million in the club’s infrastructure.
The 71-year-old boyhood United fan is reportedly already planning to lead an overhaul of the squad after a season that is improving following a slow start.
The Glazers have come under heavy criticism from fans who blame them for a steady decline in the fortunes of the 20-time English league champions after a period of domination under manager Alex Ferguson who retired in 2013, the last time they won the league title.
Many fans had hoped the Glazers would sell the club in full, although Ratcliffe’s investment has been welcomed.
