EPL approves acquisition of 25% stake in Manchester United by billionaire Ratcliffe
England Football Association approval process remains.
The English professional soccer Premier League (EPL) approved the acquisition of a stake in Manchester United by Jim Ratcliffe, British billionaire and founder of global chemical group Ineos.
The EPL Secretariat announced in a statement on the 13th (local time), "We have approved Ratcliffe's transaction to acquire a 25% stake in Manchester United and an additional $300 million (approximately KRW 400 billion) investment in the home stadium, Old Trafford."
He also added that Ratcliffe signed the EPL club owners' charter.
Ratcliffe's acquisition of Manchester United's shares will be finalized after approval from the England Football Association (FA).
In December last year, Manchester United announced that Ratcliffe had agreed to acquire a 25% stake in the company.
Accordingly, Ratcliffe will acquire 25% of Manchester United's Class B shares and up to 25% of Class A shares held by the Glazer family, and the Glazer family and Class A shareholders will receive the same $33 per share, the club explained.
Under this deal, known to be worth about $1.3 billion, all management rights, including the management of Manchester United's men's and women's teams and the academy, were delegated to Ineos.
Manchester United is in 6th place in the EPL this season, accumulating 41 points with 13 wins, 2 draws, and 9 losses.