The Premier League has given its approval for British billionaire Sir Jim Ratcliffe's acquisition of a 25% stake in Manchester United.

The deal, valued at approximately $1.3 billion (£1.03 billion), is pending approval from the Football Association.

While the Glazer family will maintain a majority ownership of the club, Ratcliffe's Ineos Group will assume control of football operations.

The completion of the deal is necessary for the Premier League's endorsement.

“The Premier League now awaits confirmation of the transaction’s completion,” the league said in a statement, while confirming Ratcliffe, 71, has also signed the owners’ charter.

The agreement marks the first under the Premier League's updated owners' and directors' test, which received approval from member clubs in March 2023 and involves assessment by an independent oversight panel.

Ratcliffe's deal, finalised on Christmas Eve, includes an additional $300 million (£236 million) designated for future investments in Manchester United's Old Trafford stadium.

The businessman has committed to purchasing 25% of the club's class B shares, primarily held by the Glazer family, who retain a 69% ownership stake and possess nearly all voting rights, as well as up to 25% of its class A shares, listed on the New York Stock Exchange at a value of $33 each.

An update from the US Securities and Exchange Commission (SEC) on Monday extended the deadline for holders of class A shares to tender them for sale until 23:59 on Friday.

Presently, 36.7% of class A shares have been tendered, surpassing the 25% agreed upon by Ratcliffe.

Assuming control over sporting operations at the club, Ineos will oversee both the men's and women's football divisions and academies. Additionally, they will secure two seats on both the Manchester United PLC and Manchester United Football Club boards.

While awaiting final approval, Ratcliffe has conducted several visits to Old Trafford and the club's training ground. According to BBC Sport, the approval process is progressing smoothly.

In 2005, the Glazer family acquired Manchester United for £790 million.