The Football Association still needs to rubber-stamp the 71-year-old's investment in United but that is seen as a formality.
The Premier League on Tuesday ratified the British billionaire Jim Ratcliffe's acquisition of a 25% stake in Manchester United after he passed the organisation's owners' and directors' test (OADT).
The $1.25 billion deal, in which the INEOS chairman will also invest $300 million into club infrastructure and take charge of the club's soccer operations, was struck in December 2023.
"Sir Jim Ratcliffe's acquisition of 25 percent 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 OADT," a Premier League statement on Tuesday 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 now awaits confirmation of the transaction's completion."
In its statement, the Premier League said it was 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 statement partly read.
The Football Association still needs to rubber-stamp the 71-year-old's investment in United but that is seen as a formality.
Lifelong supporter Ratcliffe's buy-in ended more than a year of uncertainty after majority owners, the Glazer family, said in November 2022 that they were looking at strategic options for investment into the club they took control of in 2005.
The American Glazers have been criticised by fans who blame them for a steady decline in the fortunes of the 20-time English league champions after a period of domination under former manager Alex Ferguson.
Ferguson retired in 2013 and subsequent coaches have failed to return the club to its glory-day era of the iconic coach.