Jim Ratcliffe’s plan to purchase a minority share in Manchester United has been approved by the Premier League, the team announced on Tuesday. As per the Securities and Exchange Commission’s guidelines, United have been already granted approval about Ratcliffe being an owner or director of a football club. This was stated in a filing made to the Commission on Monday.
Additionally, United stated that it anticipated receiving approval from the Football Association as British billionaire James Ratcliffe—the proprietor of the global chemicals company INEOS—nears finalizing his agreement to purchase a quarter of the team.
According to Premier League regulations, individuals with past criminal convictions, sports bans, or affiliation with other clubs are ineligible to hold ownership or directorship positions.
Ratcliffe signed a contract in December to purchase a portion of United, and his tender offer for 25% of the Class A shares listed on the New York Stock Exchange has been extended until Friday at midnight. The offer was initially scheduled to expire at midnight on Tuesday.
On Christmas Eve, it was revealed that the chairman of INEOS had agreed to purchase a 25% share in the Premier League team, with an additional $300 million (£238 million) to be invested in the club’s infrastructure.
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