According to reports from Sky Sports News and other British media outlets, the Premier League has officially approved British billionaire Jim Ratcliffe’s purchase of a 25% stake in Manchester United. The deal, valued at $1.25 billion, was completed in December and also includes a $300 million investment into the club’s infrastructure as well as control over the club’s soccer operations by Ratcliffe, who serves as the chairman of INEOS.
Ratcliffe’s acquisition was contingent on passing the Premier League’s owners’ and directors’ test. Approval from the Football Association is also required for Ratcliffe’s investment, although this is expected to be a mere formality.
This purchase by lifelong Manchester United supporter Ratcliffe comes after a period of uncertainty, with the majority owners, the Glazer family, announcing in November 2022 that they were exploring strategic options.
The Glazers, who are American, have faced backlash from fans for what is seen as a decline in the club’s performance following the departure of manager Alex Ferguson in 2013, after a period of dominance that led to the club winning the English league 20 times.
(Reporting by Martyn Herman; Editing by Christian Radnedge)
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