Sir Jim Ratcliffe's purchase of a 25 per cent stake in Manchester United has been approved by the Football Association, bringing the partial takeover close to finalisation. The Premier League had already given the green light last week, and the FA's sign-off was disclosed in a Securities and Exchange Commission update.
The British billionaire will pay £1.03 billion for the minority stake, with the deal expected to be ratified and announced in the coming days. Ratcliffe intends to take charge of football operations despite the Glazer family retaining a 75 per cent majority holding. He has already begun reshaping the club's hierarchy.
Omar Berrada has been poached from rivals Manchester City as the new chief executive, joining INEOS director Sir Dave Brailsford and CEO Jean-Claude Blanc on a revamped board. Further changes are anticipated in the men's football department, with director of football John Murtough's position under threat. Newcastle's Dan Ashworth and Paul Mitchell are among the sporting directors being considered to overhaul the club's transfer strategy.
Ratcliffe has set aside £250 million for infrastructure projects, including a likely renovation of Old Trafford. His shareholding will also allow United to spend more in the transfer market. He visited the stadium for a match against Tottenham in January, meeting Sir Alex Ferguson, fan representatives, and local leaders.
A Premier League statement confirmed the approval: “Sir Jim Ratcliffe’s acquisition of 25 per cent of Manchester United FC, and further 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 the change of the club’s ownership structure last week, and this has now been officially ratified by an Independent Oversight Panel.”
