English Premier League approves partial ownership of Man Utd

By Can Erozden

The English Premier League on Tuesday approved British billionaire Sir Jim Ratcliffe's acquisition of 25% of Manchester United.

"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)," it said in a statement.

"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," it added.

Ratcliffe, who owns petrochemicals company, INEOS, bought a 25% stake in Manchester United in December.

The deal requires approval from the English Football Association (The FA).

In addition, the 71-year-old businessman previously accepted a request by the club's board to take responsibility for managing Manchester United’s football operations.

Man Utd won a record 13 Premier League titles, the last in 2013, since the top-tier football division was given its current name in 1992. Before the Premier League's inception, the club won seven First Division Championships in England.

One of the UK's richest men, Ratcliff has a $20.6 billion real-time net worth, according to Forbes.