The Premier League has approved British billionaire Sir Jim Ratcliffe’s acquisition of a 25% stake in Manchester United.
The $1.3 billion (£1.03 billion) deal is still pending Football Association approval.
The Glazer family will continue to own the majority of the team, while Ratcliffe’s Ineos Group will take over management of the football department.
The completion of the deal is a need for Premier League approval.
“The Premier League now awaits confirmation of the transaction’s completion,” the league said in a statement, while confirming Ratcliffe, 71, has also signed the owners’ charter.
The agreement is the first to be reached under the revised owners’ and directors’ test of the Premier League, which was accepted by member clubs in March 2023 and entails an assessment by an impartial monitoring body.
Ratcliffe’s contract, which was finalized on Christmas Eve, also calls for $300 million (£236 million) in further funding for the team’s Old Trafford stadium.
The businessman has committed to purchasing up to 25% of the club’s class A shares, which are listed on the New York Stock Exchange, and 25% of its class B shares, which are mostly owned by the Glazer family, who hold 69% of the club and nearly all of the voting rights. Each share is valued at $33.
In a Monday evening update, the US Securities and Exchange Commission (SEC) was informed that the class A share holders’ deadline to submit their shares for sale has been extended from Wednesday to Friday at 23:59 p.m.
36.7% of class A shares have been tendered thus far, exceeding the 25% that Ratcliffe has committed to purchasing.
Assuming sporting control at the club entails that Ineos will supervise both the men’s and women’s football operations and academies.
Additionally, they will secure two seats on both the Manchester United PLC and Manchester United Football Club boards.
Ratcliffe has visited Old Trafford and the club’s training ground multiple times as he awaits final approval for the deal.
According to BBC Sport sources, the process is progressing positively toward completion.
The Glazer family acquired Manchester United for £790m in 2005. In November 2022, they expressed interest in selling to “explore strategic alternatives.”