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British billionaire Jim Ratcliffe’s purchase of a 25% stake in Manchester United received the go-ahead from the Football Association on Wednesday, bringing the deal closer to fruition.
The FA’s confirmation came through a statement, following the Premier League’s approval the day before. Ratcliffe, aged 71, successfully passed the Owners’ and Directors’ test, clearing the final hurdle for the deal.
In December, Ratcliffe finalized a $1.25 billion agreement to acquire a minority share in the club, alongside committing an additional $300 million towards infrastructure enhancements.
The agreement will put lifelong fan Ratcliffe in charge of the club’s soccer operations, focusing on upgrading Old Trafford stadium and bolstering the playing squad.
Completion of the deal was contingent upon approval from both the Premier League and Football Association, which has now been secured. Once Ratcliffe obtains 25% of the outstanding Class A shares, expected before February 17, the deal will be finalized.
Ratcliffe’s acquisition resolves over a year of uncertainty following the Glazer family’s announcement in November 2022 of exploring strategic options.
The American Glazers have faced heavy criticism from fans, attributing a decline in the club’s fortunes since manager Alex Ferguson’s retirement in 2013 to their stewardship of the 20-time English league champions.
While some fans may have hoped for a full sale, Ratcliffe’s arrival has generally been well-received. His impact is already evident at United, as he brings in INEOS sports director Dave Brailsford, known for his success with British Cycling and professional team INEOS Grenadiers, to join a revamped board.
Additionally, Ratcliffe has appointed Omar Berrada as the club’s new CEO, following his departure from a position as head of football operations at Manchester City, a move signaling Ratcliffe’s intent to strengthen the club’s leadership team.
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