4 months ago
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Manchester United's takeover saga is almost over, with news Sir Jim Ratcliffe has received Premier League approval for his minority investment in the club.
The British billionaire has passed the league's directors and owners' test and hopes to officially complete his 25 per cent purchase by the end of February.
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However, Man United fans will have to wait a little while longer for an official statement on the deal, which is not expected until next week.
Supporters have been waiting a long time for positive news on the takeover, with the Glazers first starting to explore a sale of the club in November 2022.
Ratcliffe's offer, which will see him become the minority owner of the Red Devils, was initially due to expire at midnight on Tuesday before agreeing to an extension to the end of the week.
That has allowed more time for the Premier League to complete their test, with the Football Association now expected to give final approval to the deal in the coming days.
United's Class A shares on the New York Stock Exchange dropped on Monday amid speculation over whether the offer would be extended, but then rose by more than six per cent to $21 [£16.57] overnight following the news.
Ratcliffe's 25 per cent purchase means the Glazer family will still have majority control of the Premier League giants.
However, the terms of the deal means the INEOS chief will have first refusal and a chance to buy further shares for a period of 12 months should the Glazers decide to cash in on more.
Ratcliffe has pledged to invest £236.6million [$300m] into the club's infrastructure, including improving their stadium Old Trafford - although there have been reports in recent weeks of possible plans to leave Old Trafford.
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The 71-year-old is also said to be planning to lead an overhaul of United's playing squad, as he looks to bring the glory days back to the red-half of Manchester.
The 71-year-old has conducted a series of meetings with club staff and associates in recent days.
Alex Crook reveals his to-do list for INEOS at Manchester United with Sir Jim Ratcliffe now in charge
He has met leaders of the independent Manchester United Supporters' Trust and spoke with local leaders, including senior representatives of Trafford Council, and Greater Manchester mayor Andy Burnham.
He was also among those in attendance at the Munich Air Disaster memorial last week.
