Jim Ratcliffe’s bid to purchase 25 per cent of Manchester United moved a step closer today after the Premier League approved the deal.
United announced to the Securities and Exchange Commission that it had already been granted approval under its rules over who is allowed to be an owner or a director of a football club.
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The only hurdle left to overcome is approval from the Football Association which is expected to be a formality.
Ratcliffe has until Friday to complete the deal having been granted an extension from the original deadline of midnight tonight, Eastern Time in the United States.
The 71-year-old, who claims to have been a United fan as a boy, has pledged to invest £237million into improving the club’s infrastructure.
As part of the deal, Ratcliffe’s INEOS Sport division will oversee on-field operations. He will also gain two seats on the board which have been earmarked for Jean-Claude Blanc and Dave Brailsford.
