The Premier League have finally approve Sir Jim Ratcliffe’s ownership bid for Manchester United in a big boost to the club, LCSoccerHub Reports.
Manchester United owners the Glazers had put up the club for sale since November in their quest for alternative funding to refurbish the club.
INEOS billionaire and UK-born football enthusiast Sir Jim Ratcliffe and Qatari investors Sheikh Jassim led the race to buy the Old Trafford club.
While Sir Jim only bid for 25% shares at the club, Sheikh Jassim wanted a full 100% takeover of the club with a superior cash offer of 5bn on the table.
After a dragging round of talks and negotiations, Sheikh Jassim withdrew from the race as the Glazers reached agreement with his rival Sir Jim.
United club statement confirmed the club’s stakeholders have approved Ratcliffe’s 25% bid for Manchester United putting an end to dragging takeover process.
Despite the approval, Sir Jim Ratcliffe needed to clear the last hurdle of obtaining approval from the Premier League to complete the purchase.
Now, according to a report by the Telegraph, the Premier League have approved the deal with announcement to be made soon.
“Jim Ratcliffe has received Premier League directors and owners’ test approval for his 25 per cent purchase of Manchester United.
“Completion will be announced within days,” the report reads.
The approval by the Premier League will be a big boost to Sir Jim Ratcliffe who has began head-on with his bid to transform Manchester United’s sporting and footballing operations.
Ratcliffe was on the stands to watch Manchester United’s 2-2 draw with Tottenham in a subtle but profound move to announce his readiness to take charge of the club’s new chapter.
He was also instrumental to the appointment of former Manchester City’s football chief Omar Berrada as Man United new CEO.
