- Premier League approves Ratcliffe’s acquisition
- FA expected to ratify soon
- Ratcliffe offers $33 per share
The Premier League has approved Sir Jim Ratcliffe’s acquisition of a 25% stake in Manchester United. The Football Association has yet to complete its portion of the process, but this is a formality.
Owners and directors of Premier League clubs must pass the owners‘ and directors’ test conducted by the governing body.
The Premier League board has sanctioned Sir Jim Ratcliffe’s purchase of 25% of Manchester United FC and an additional $300 million investment in the club, subsequent to the successful completion of the owners’ and directors’ test,” announced the league. The alteration in the club’s ownership structure received the nod from an independent oversight commission following last week’s board approval.
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This marks the first instance of the oversight commission reviewing and endorsing such a change since clubs consented to modifications in March of the previous year. The criteria for ownership or directorship exclude individuals who have, among other criteria, committed a wide range of criminal offences, faced bans from professional or sporting bodies, or breached significant football regulations, including those related to match-fixing.
Ratcliffe’s investment also requires the FA’s approval, but no impediments are foreseen, and a declaration is expected next week. The A-shareholders of United have until Friday to decide on the 71-year-old’s offer of $33 per share. Although Ratcliffe’s bid is for up to 25% of A-shares, 36.7% of A-shares have already been offered for sale.
