The Premier League has approved Sir Jim Ratcliffe’s acquisition of 25% ownership in Manchester United. The Football Association still needs to finalize their portion of the transaction, but it is expected to be a simple formality.
The governing body’s owners’ and directors’ test must be passed by any new owner or director of a Premier League club.
The Premier League Board has confirmed the approval of Sir Jim Ratcliffe’s purchase of a 25% stake in Manchester United FC and an additional investment of $300m in the club, after completing the necessary owners’ and directors’ test.
The club’s ownership structure was changed last week by the board, and an independent oversight panel has officially approved it.
The league announced that this was the initial instance examined and authorized by the supervisory committee following alterations made by clubs in March of last year. Their examination prevents individuals with criminal records for various offenses, bans from sports or professional organizations, or violations of important football regulations such as match-fixing from becoming an owner or director.
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The Football Association must also approve Ratcliffe’s investment, but there are no expected obstacles and an announcement is likely to be made next week. Shareholders of United’s A-shares have until Friday to decline Ratcliffe’s offer of $33 (£26) per share. Ratcliffe’s acquisition is limited to 25% of A-shares, but 36.7% of A-shares have already been offered for sale.
Source: theguardian.com
