LONDON : British billionaire Jim Racliffe’s acquisition of a 25 per cent stake in Manchester United was ratified by the Premier League on Tuesday, Sky Sports News and other British media outlets said.
The $1.25 billion deal, in which the INEOS chairman will also invest $300 million into club infrastructure and take charge of the club’s soccer operations, was struck in December.
Ratification was dependant on Ratcliffe passing the Premier League’s owners’ and directors’ test. The Football Association also needs to rubber-stamp Ratcliffe’s investment in United but that is seen as a formality.
Lifelong supporter Ratcliffe’s buy-in ended more than a year of uncertainty after majority owners, the Glazer family, said in November 2022 they were looking at strategic options.
The American 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.