British businessman Sir Jim Ratcliffe’s acquisition of a 25% stake in Manchester United has been officially approved by the Premier League. While the Football Association still needs to finalize its involvement, this is expected to be a mere formality.
The governing body’s owners’ and directors’ test must be passed by any new owner or director of a Premier League club.
The Premier League board has approved Sir Jim Ratcliffe’s purchase of a 25% stake in Manchester United FC and a subsequent investment of $300 million in the club after the completion of the owners’ and directors’ test.
“The board has officially approved the change in ownership structure for the club, after it was previously agreed upon last week. This decision has been validated by an independent oversight panel.”
The league stated that this was the inaugural instance examined and authorized by the supervisory board following modifications ratified by clubs in March of last year. Their assessment prohibits individuals from holding ownership or director positions if they have previous criminal charges for a variety of offenses, have been banned by a sports or professional organization, or have violated specific important football rules, such as participating in match-fixing.
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The Football Association must approve Ratcliffe’s investment, but no obstacles are foreseen and an announcement is anticipated next week. United’s A-share owners have until Friday to decline the 71-year-old’s proposal of $33 per share. Ratcliffe is limited to purchasing 25% of A-shares, but 36.7% have already been offered for sale.
Source: theguardian.com
