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).
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.
This is the first acquisition of Control to be reviewed and approved by a new Independent Oversight Panel following changes to the process which were agreed by Premier League clubs in March 2023.
The Premier League now awaits confirmation of the transaction’s completion.
The Independent Oversight Panel
- Any change of Control (as defined in the Rules) requires the approval of the Premier League Board. Following an amendment in 2023, the threshold for "Control" was reduced from 30 per cent of shares in the Club to 25 per cent.
- In 2023, an independent body was established to review decisions taken by the Premier League Board under Section F (Owners’ and Directors’ Test) of the League’s Rules.
- The Independent Oversight Panel is chaired by Murray Rosen KC (who was appointed in 2023 for a three-year term) and comprises between eight and 15 members at any one time, each of whom was appointed by the chair in a process independent of Clubs and the League.
- Each time a decision is taken under the OADT by the Board, the chair appoints one or more Reviewers from the Independent Oversight Panel to conduct the OADT Decision Review, in which the Reviewer(s) is/are tasked with considering whether the Premier League’s Board’s decision was reasonable in all of the circumstances, based on the material available at the relevant time.
- Members of the Independent Oversight Panel are completely independent of Clubs and the League. No member of the Independent Oversight Panel may be a representative or employee of the Premier League or be an Official or Director of, or have Material Influence (as defined in the Rules) over, a Club (or club in membership of the EFL).
- The term of each member of the Independent Oversight Panel is capped at a maximum of five years. At the end of that term, the member may be reappointed for a further term by the Chair, at their absolute discretion.
- For full information on the Independent Oversight Panel read Appendix 21 of the Premier League’s Handbook.