Sir Jim Ratcliffe’s 25% purchase of Manchester United has been ratified by the Premier League and, though the Football Association is yet to complete its part of the process, this is considered a formality.
Any new owner or director of a Premier League club has to pass the governing body’s owners’ and directors’ test.
The league said: “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.”
The league said this was the first case reviewed and approved by the oversight panel since changes agreed by clubs last March. Its test prohibits people from becoming an owner or director if, for example, they have “criminal convictions for a wide range of offences, a ban by a sporting or professional body, or breaches of certain key football regulations, such as match-fixing”.
The FA also has to ratify Ratcliffe’s buy-in but no stumbling blocks are anticipated and an announcement is expected next week. United’s A-share holders have until Friday to refuse the 71-year-old’s offer of $33 (£26) per share. Ratcliffe’s purchase is capped at 25% of A-shares but 36.7% of A-shares have been tendered for sale.
