The Premier League’s approval was confirmed on Tuesday and another update on the Securities and Exchange Commission has revealed the FA’s decision.
The British billionaire will purchase 25% of United for £1.03 billion, with the takeover to be ratified and announced in the coming days.
The 71-year-old has seen the partial takeover green-lit by the Premier League but must wait for the Football Association (FA) to sign off on the acquisition.
Ratcliffe intends to take charge of the football operations despite the Glazer family retaining their majority 75 per cent holding, and has already begun making his mark at Old Trafford.
Omar Berrada has been poached as the new chief executive from rivals Manchester City. Berrada and INEOS’s director of sport, Sir Dave Brailsford, will be on a new-look board alongside CEO Jean-Claude Blanc.
Further widespread changes are expected in the men’s football department, with director of football John Murtough’s position in the balance.
Newcastle's Dan Ashworth and Paul Mitchell are two sporting directors being considered as United plan to overhaul their disastrous transfer strategy.
Ratcliffe has also set aside £250m for infrastructure projects, including a likely revamp of the historic Old Trafford stadium, while his shareholding will allow the club to also spend more in the transfer market.
He visited the stadium for United's Premier League match against Tottenham in January, sitting alongside Sir Alex Ferguson. Ratcliffe also met fan representatives and local community leaders in person the following day before holding a video meeting with the fans’ forum to canvas their opinions.
A Premier League statement read: “Sir Jim Ratcliffe’s acquisition of 25 per cent of Manchester United FC, and further investment of $300million 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.”