The club announced that the Premier League have approved the deal in an update filed on Monday to the Securities and Exchange Commission (SEC) — an independent agency of the United States government that protects investors and helps maintain market fairness.
United are still awaiting approval from the Football Association but a source has told ESPN that the process is moving “positively towards completion.”
The Premier League announced the deal’s approval on Tuesday, saying in a statement:” Sir Jim Ratcliffe’s acquisition of 25 per cent of Manchester United FC, and further investment of $300 million in the club, has been approved by the Premier League Board following the completion of the Owners’ and Directors’ Test (OADT).
“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 deadline for the tender offer to A shareholders has been extended from Feb. 14 to 11.59 p.m. E.T. on Feb. 16.
With 36.7% of A shares already tendered, the threshold for Ratcliffe’s 25% stake has already been passed.
A source has told ESPN that the deal could be completed as early as next week, although at this stage it’s considered to be a formality.
Ratcliffe’s minority investment was announced on Christmas Eve, along with confirmation that his INEOS company will take over management of the football side of the business.
INEOS director of sport Sir Dave Brailsford has been working at the club’s Carrington training ground since the announcement while the club await official ratification from authorities.
Both Ratcliffe and Brailsford have held meetings with manager Erik ten Hag, as well as staff and fan groups.