Sir Jim Ratcliffe’s Manchester United revolution has taken another step forward after the Premier League approved his investment.
The British billionaire passed the owner’s test and was also recently approved by the Premier League. Ratcliffe is about to officially join Man United and his next step is to wait for approval from the English Football Association (FA). At that time, Ratcliffe can have full control over the Old Trafford team’s sports department, purchasing decisions, as well as other plans of the club.
“Sir Jim Ratcliffe’s acquisition of 25% of Man United’s shares and an additional 300 million USD has been approved, after completing the test.
The Board of Directors agreed to change the ownership structure of the club and this was officially approved by the Board of Supervisors. Premier League is waiting for confirmation of completion of the transaction” – a statement from the Premier League said.
Next week when everything is completed, Man United will embark on the process of upgrading Old Trafford.
Man United announced the deal with Ratcliffe on Christmas Eve and the INEOS Group boss is paying £1.25 billion for a 25% stake in the club. Man United’s 14-month sale process is coming to an end and Ratcliffe has had to fight for a long time to complete it.
Initially, this billionaire was interested in gaining full control of Man United from the Glazers, when they offered to sell the club in November 2022. Ratcliffe has fended off interest from Qatar and Sheikh Jassim, but the Glazers are unwilling to relinquish control. The two parties eventually agreed on a deal, with Ratcliffe participating as a minority shareholder.
Ratcliffe has also agreed to take over the club’s football operations. Although Ratcliffe has yet to officially join, he has wasted no time in making his mark. Richard Arnold left his position as CEO and Ratcliffe lured Omar Berrada from Man City to replace him.
Ratcliffe has also brought in Dave Brailsford as his right-hand man at Old Trafford. And the former cyclist has left INEOS Grenadiers to focus on his new job at Man United.
Of course, Ratcliffe has more work to do and he is assessing John Murtough’s role as director of football as well as the future of Erik ten Hag.
Ten Hag met Ratcliffe and was said to be very impressed with the billionaire. However, the Dutch strategist also understands that Man United needs to win the right to participate in the Champions League next season.
In addition, Ratcliffe and his team are planning to bring in two young midfielders, with four names emerging on the shortlist.
Jarrad Branthwaite (Everton) is one of Man United’s top targets. However, the “Red Devils” will face competition from Arsenal, Chelsea and Real Madrid.
In addition to Branthwaite, Man United is also said to be monitoring Antonio Silva (Benfica), Jean Clair Todibo (Nice) and Lille’s Leny Yoro.
In short, Ratcliffe’s 25% stake being approved by the Premier League will be a boost for both this billionaire as well as Man United.