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13th February 2024
03:47pm GMT
Sir Jim Ratcliffe's £1.3bn investment to buy a 25 per cent stake in Manchester United has been ratified by the Premier League, with the deal set to be completed by next week.
A deal for INEOS to complete the purchase of 25 per cent of the club was agreed back in December. As part of the agreement, Ratcliffe will take over the footballing side of the operations whereas the Glazers will continue to focus on the commercial element.
Ratcliffe has now officially passed the Premier League's Directors' and Owners' Test and is nearing the end of the deal.
Only a few minor bits need to be cleared up before the deal is 100 per cent complete, including approval from the Football Association to allow United to participate in the Women's Super League.
He has also pledged to give more details of his vision for the club once the deal is finalised.
The wheels have already been put into motion at Old Trafford, with Ratcliffe keen to turn their fortunes around on the pitch.
His first major coup was the appointment of Omar Berrada from rivals Manchester City to become United's new CEO.
At the time of his appointment, a statement from the club said: "The Club is determined to put football and performance on the pitch back at the heart of everything we do.
"Omar’s appointment represents the first step on this journey."
Ratcliffe has also been spotted at Old Trafford alongside Ineos director of sport Sir Dave Brailsford and the pair also visited Erik ten Hag at United's Carrington training ground in January.
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