The deal is expected to be finalised within days, moving United closer to the end of the year-long saga.
The Red Devils had announced they were searching for a cash injection in November 2022, leading prospective investors to vie for the storied club.
Ratcliffe and his INEOS Group emerged victorious, but further hurdles lay ahead with key approvals needed to ratify the deal.
Premier League has now privately approved Ratcliffe’s purchase, and an official statement is on the way.
Ratcliffe will own 25% of Class B shares and up to 25% of Class A shares.
The Glazer family will receive a £715 million windfall from the B share sale. Each of the six siblings will pocket between £100-150 million.
Ratcliffe has pledged an additional £237m for Old Trafford investment as they look to rebuild or revamp the ground.
The deal values United’s equity at £4.2 billion and enterprise value at £4.8bn.
The Premier League’s approval removes a major hurdle for the deal, leaving only the Football Association’s green light pending.
Ratcliffe extended his purchase offer until February 16 and has already secured enough shares to proceed. United’s share price rose over six percent on the news.
His partial takeover will bring a needed financial injection for the club, which has been plagued by debt and fan discontent under the Glazer family ownership.
However, concerns remain about potential conflicts of interest with INEOS’ sponsorships and Ratcliffe’s future influence.
Fans will be delightfully waiting for that official statement. It will bring a welcome relief as they ponder what Ratcliffe’s ownership means for the club’s future.
There are still lingering questions about player contracts, potential player investment, stadium upgrades and management philosophy.
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