- The FA has approved Ratcliffe’s proposed 25 percent stake in the club
- The deal will only be completed after the A-share subscription offer has been closed
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Sir Jim Ratcliffe’s purchase of a 25 percent stake in Manchester United has been approved by the Football Association.
The new INEOS tycoon had received Premier League approval on Monday evening and was awaiting the final nod from the FA before the formalities of the deal are completed.
A further update from the Securities and Exchange Commission (SEC) confirmed on Wednesday that the FA has also given permission for the deal to go ahead.
It means that the official confirmation of the transaction is getting closer to completion.
The deal won’t be completed until the A-share offer closes at the end of this week, and could take some time longer after that.
Sir Jim Ratcliffe has received approval from the Football Association to buy a stake in Manchester United
Ratcliffe’s (L) takeover of Manchester United has moved one step closer to completion
Ratcliffe will take charge of football operations at Old Trafford once the deal is completed
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The INEOS chairman will acquire 25 percent of the Class B shares held by the Glazer family – which have ten times the voting power of the Class A shares – as part of his investment.
The period in which holders of Class A shares can offer them for sale has been extended from February 14 to 11:59 PM on February 16.
United’s majority owners, the Glazers, effectively put the club up for sale in November 2022.
After a long drawn-out saga in which it was uncertain whether Ratcliffe’s bid would face competition from Qatari Sheikh Jassim bin Hamad Al Thani, the INEOS owner’s £1.3 billion investment was announced on Christmas Eve.
The Premier League board reviewed and approved Ratcliffe after the lifelong United fan passed the Owners’ and Directors’ Test and signed the Owners’ Charter.
Ratcliffe will take control of the football operations once the deal is completed and will have first option to buy more Class B shares from the Glazers should they decide to sell more.
Meanwhile, Newcastle sporting director Dan Ashworth is reportedly looking to leave St James’ Park for Old Trafford.
Ratcliffe and INEOS are attempting to make radical changes behind the scenes at Old Trafford, having already plucked Omar Berrada from Manchester City as their CEO.
United are hoping to secure the services of Newcastle sporting director Dan Ashworth
Ratcliffe sat next to Sir Alex Ferguson during United’s match against Tottenham last month
It is reported that Ratcliffe is so confident he will get his man that no alternatives have been contacted for the role.
Ratcliffe will be joined on the new board by Jean-Claude Blanc, CEO of INEOS Sport, and Sir David Brailsford, their sporting director.
Brailsford began work at the club’s training ground in Carrington in January, while Ratcliffe attended United’s Premier League match against Tottenham Hotspur alongside Sir Alex Ferguson.
As part of his desire to transform football operations at the club, his methods could include using a data-driven approach, pursuing younger players in the transfer market and take a scythe at Erik ten Hag’s influence on transfers.
Director of data science Dominic Jordan, who opened the role in 2022, said he expects his field to be “transformational” for the side.
United’s current boardroom does not have a sporting director, a decision that has been heavily criticized at a time when the club’s recent recruitment has come under scrutiny.