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Sir Jim Ratcliffe has completed a deal to purchase a minority stake in Manchester United.
British petrochemicals billionaire Ratcliffe has signed off a deal which will see his Ineos Group pay around £1.25bn to buy 25 per cent of United.
In a statement the club said: "Manchester United plc (NYSE: MANU) announced today that it has entered into an agreement under which Chairman of INEOS, Sir Jim Ratcliffe, will acquire 25 per cent of Manchester United’s Class B shares and up to 25 per cent of Manchester United’s Class A shares and provide an additional $300 million intended to enable future investment into Old Trafford."
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Ratcliffe's purchase comes more than a year after the Glazer family first announced they were considering selling the club.
There will now be a six-to-eight week liminal period as the Premier League sign off on the purchase, at which point Ratcliffe will take control of footballing matters at Old Trafford.
In turn, next month's transfer window will be closed by the time Ratcliffe is officially involved.
INEOS Chairman, Ratcliffe, told the club website: "As a local boy and a lifelong supporter of the Club, I am very pleased that we have been able to agree a deal with the Manchester United Board that delegates us management responsibility of the football operations of the Club.
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"Whilst the commercial success of the Club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times.
"We will bring the global knowledge, expertise and talent from the wider INEOS Sport group to help drive further improvement at the Club, while also providing funds intended to enable future investment into Old Trafford.
“We are here for the long term and recognise that a lot of challenges and hard work lie ahead, which we will approach with rigour, professionalism and passion.
"We are committed to working with everyone at the Club – the Board, staff, players and fans – to help drive the Club forward.
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“Our shared ambition is clear: we all want to see Manchester United back where we belong, at the very top of English, European and world football.”
Ineos and Qatari banker Sheikh Jassim bin Hamad Al Thani both initially tabled bids of around £5billion for the Old Trafford club.
However, neither bidder was willing to reach the Glazer family's valuation. Indeed, co-chairs Joel and Avram Glazer were both thought to be reluctant sellers.
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Sheikh Jassim withdrew from the process in October, alleging his final bid, reportedly worth double United's $3.2billion (£2.64billion) stock market valuation, had not met the Glazers' demands.
Ratcliffe had already amended his initial plan to buy the Glazers' 69 per cent shareholding and reduced it to a 'majority' stake.
But it was only when he reduced once more to an anticipated 25 per cent, that the potential for an agreement emerged.
Executive Co-Chairmen and Directors, Avram Glazer and Joel Glazer said: “We are delighted to have agreed this deal with Sir Jim Ratcliffe and INEOS. As part of the strategic review we announced in November 2022, we committed to look at a variety of alternatives to help enhance Manchester United, with a focus on delivering success for our men’s, women’s and Academy teams.
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“Sir Jim and INEOS bring a wealth of commercial experience as well as significant financial commitment into the Club. And, through INEOS Sport, Manchester United will have access to seasoned high-performance professionals, experienced in creating and leading elite teams from both inside and outside the game. Manchester United has talented people right across the Club and our desire is to always improve at every level to help bring our great fans more success in the future.”
Featured Image Credit: GettyTopics: Football, Sir Jim Ratcliffe, Manchester United, Premier League