Manchester United – just one more hurdle for Sir Jim Ratcliffe
OGC Nice owner Sir Jim is one important step closer to completing the buy-in - Photo all rights reserved
The English premier League has ratified Sir Jim Ratcliffe’s 25% purchase of Manchester United. The Football Association must now complete its part of the process.
The Premier League announced in a February 13 press release that “Sir Jim Ratcliffe’s acquisition of 25% of Manchester United FC, and further investment of $300m in the club, has been approved by the Premier League Board, following the completion of the owners’ and directors’ test.”
Advertising
“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,” it continues.
This is the first time the Independent Oversight Panel has been called on to review and approve a case since the test was introduced last March. Its purpose is to prohibit people from becoming an owner or director if, for example, they have “criminal convictions for a wide range of offences, a ban by a sporting or professional body, or breaches of certain key football regulations, such as match-fixing,” reports the Guardian.
Final hurdle next week
The Football Association also needs to ratify the billionaire’s buy-in but this should be a formality, and an announcement is expected next week. Meanwhile, the club’s A-share holders have until Friday to refuse the Monegasque resident’s offer of £26 per share. While Sir Jim’s purchase may not exceed 25% of A-shares, 36.7% are for sale.