The Premier League has authorized British businessman Jim Ratcliffe’s purchase of a 25% interest in Manchester United.
An update to the US Securities and Exchange Commission (SEC) on Monday evening confirmed the Premier League’s decision to approve Ratcliffe’s investment.
United are still waiting for Football Association permission for the agreement, which Ratcliffe indicated might be completed by mid-February and would give him control of football operations at Old Trafford.
A Premier League statement on Tuesday confirmed their approval, saying: “Sir Jim Ratcliffe’s acquisition of 25% of Manchester United FC, and additional investment of $300 million in the club, has been approved by the Premier League Board, following the completion of the Owners’ and Directors’ Test.”
“The Board agreed to a change in the club’s ownership structure last week, which has now been officially approved by an Independent Oversight Panel. The Premier League owners’ charter has also been signed.
“The Premier League now awaits confirmation of the transaction’s completion.”
It was reported on Tuesday that Ratcliffe’s investment was nearing completion.
The period during which Class A shareholders can submit their shares for sale has been extended from February 14 to February 16 at 23:59pm.
So far, 36.7% of Class A shares have been tendered, which is enough to complete the 25% acquisition.
On Christmas Eve, INEOS chairman Ratcliffe stated that he had agreed to buy a 25% share in United from unpopular owners the Glazer family for around £1.02 billion ($1.3 billion).
Ratcliffe plans to invest an additional £238 million in the club’s infrastructure.
As the investment nears completion, the 71-year-old has met with club workers and associates several times in recent days.
Ratcliffe has met with leaders of the independent Manchester United Supporters’ Trust, as well as senior Trafford Council representatives and Greater Manchester Mayor Andy Burnham.
The boyhood United fan was also there at the Munich Air Disaster memorial last week.
Ratcliffe is apparently considering an overhaul of United’s team following a difficult season for the club, which last won the Premier League in 2013.