The Premier League have confirmed that they have approved Sir Jim Ratcliffe's 25% purchase of Manchester United.

Following a protracted two-horse race with Qatari banker Sheikh Jassim bin Hamad Al Thani, Ratcliffe's minority stake in the Red Devils was announced on Christmas Eve.

The INEOS chief was initially believed to be behind Sheikh Jassim in the race to take over at Old Trafford, but the Middle Eastern billionaire ultimately withdrew from the running, allegedly due to frustrations with the Glazer family over the slow progress.

As a result, the path was clear for Ratcliffe to agree a minority deal with Man United's current owners, and the 71-year-old is believed to have paid £1.3bn for 25% of the club.

It was reported last week that the Premier League were expected to ratify Ratcliffe's shares in the coming days, and the competition's board have now announced that his purchase has been given the green light.

© Reuters

The Premier League also confirmed that Ratcliffe would be investing $300m - equivalent to £238m - into the club as he prepares to assume control of footballing operations at the Theatre of Dreams.

"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)," a statement read.

"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."

Ratcliffe - who tried and failed to buy Chelsea in 2022 when Roman Abramovich's tenure came to an end - was immediately linked with Man United once the Glazers announced their intention to explore strategic alternatives in November 2022.

© Reuters

The American owners - who remain widely unpopular with the Old Trafford fanbase - confirmed that they would be open to a full sale in the right circumstances, but their reported asking price of £6bn was not met.

Ratcliffe's minority stake could turn into a full takeover in the future, but for the time being, the Glazers retain overall control of the club, and the FA are yet to sign off the British billionaire's deal.

With INEOS at the helm, Man United are supposedly looking at players about to enter the final year of their contracts for the upcoming summer window, where the influence of Erik ten Hag in the transfer market could wane.

The Dutchman has had a big say in all acquisitions since taking charge of Man United in 2022, but he is also facing an uncertain future at the club amid the Red Devils' indifferent 2023-24 season so far.

Ten Hag's contract with Man United runs until the end of the 2024-25 campaign, although it has been suggested that the availability of summer funds could determine whether he remains at the club.