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Ratcliffe's stake in Manchester United approved by Premier League

LONDON: British billionaire Jim Ratcliffe's acquisition of a 25 per cent stake in Manchester United was ratified by the Premier League on Tuesday (Feb 13) after he passed the organisation's owners' and directors' test.

The US$1.25 billion deal, in which the INEOS chairman will also invest US$300 million into club infrastructure and take charge of the club's soccer operations, was struck in December.

"Sir Jim Ratcliffe's acquisition of 25 per cent of Manchester United FC, and further investment of US$300 million in the club, has been approved by the Premier League Board following the completion of the OADT," a statement read.

"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.

The Premier League's Owners Charter has also been signed.

"The Premier League now awaits confirmation of the transaction's completion."