Sir Jim Ratcliffe has completed his deal to buy 25 per cent of Manchester United.
Months of talks between the British billionaire and the Glazers have finally been concluded and Ratcliffe will now take control of footballing matters at the club.
The 71-year-old is expected to commit around £245million of his personal fortune to upgrade the club’s aging infrastructure as part of the deal.
Together with the purchase price of £26-a-share, this will cost Ratcliffe around £1.2bnillion.
Ratcliffe, who was born in Oldham and went on to make his fortune in petrochemicals through INEOS, is said to have a net worth in the region of £16.5bn.
He said: "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.
"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.
“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.”
Despite many critics of the Glazer family insisting he will have little sway with his minority stake in United, Ratcliffe has purchased a combination of A and B-rated shares in the deal, which hold greater voting rights in determining the running of the club.
He will helm the footballing side of the Red Devils, where Erik ten Hag's side continue to toil in eighth place.
A club statement read: "INEOS has accepted a request by the Board to be delegated responsibility for the management of the Club’s football operations. This will include all aspects of the men's and women's football operations and academies, alongside two seats on the Manchester United PLC board and the Manchester United Football Club boards.
"The joint ambition is to create a world-class football operation building on the club’s many existing strengths, including the successful off-pitch performance that it continues to enjoy."
The news also ends a long-running takeover saga at Old Trafford after it was first announced that the club would be put up for sale over a year ago.
"Through INEOS Sport, Manchester United will have access to seasoned high-performance professionals"
Several parties including the Qatari businessman Sheikh Jassim, who was Ratcliffe's chief rival in the race until his $4.8bn offer to buy the club outright was rejected.
However, there has also been rumours of Ratcliffe's minority purchase only being the start of his potential plan to eventually complete a 100 per cent takeover of United.
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.
“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.”
