By Wisdom Chinweuba
Sir Jim Ratcliffe has received the green light from the Premier League to take over as a minority investor at Manchester United, according to The Telegraph.
The British billionaire agreed to purchase a 25 per cent stake at the club before Christmas last year, but it was anticipated that the approval would take several weeks.
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.
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).
As per The Telegraph, Ratcliffe has received the ‘Premier League directors and owners’ test approval’ for his 25 per cent stake and a deal will be completed within days.
The Football Association will sign off the final agreement after Ratcliffe extended his purchase offer until the end of this week. A Premier League statement is expected next week after the completion.
