British billionaire Jim Ratcliffe has reached an agreement to acquire a 25 percent stake in Manchester United for a reported £1.25 billion ($1.6 billion) and will assume control of the Premier League club’s football operations. Ratcliffe, the chairman of petrochemicals giant INEOS, will also provide substantial funds for future investment in the club’s Old Trafford stadium.

According to a club statement, Ratcliffe “will acquire 25 percent of Manchester United’s Class B shares and up to 25 percent of Manchester United’s Class A shares and provide an additional $300 million intended to enable future investment into Old Trafford.” The statement also noted that as part of the transaction, INEOS has accepted a request by the board to be delegated responsibility for the management of the club’s football operations.

Ratcliffe expressed his long-term commitment to seeing the struggling 20-time English champions return to the top of European football. He emphasized his delight at being able to agree on a deal with the Manchester United board that delegates management responsibility of the football operations of the club to INEOS. Ratcliffe also highlighted the potential for further improvement at the club through the global knowledge, expertise, and talent from the wider INEOS Sport group.

The agreement marks the end of more than 12 months of speculation over the ownership situation and heralds a new era at a club that has fallen well behind cross-town rivals Manchester City. The Glazers, who bought the club for £790 million in 2005, announced in November 2022 that they were considering “strategic alternatives” to help United grow, sparking a protracted process.

Ratcliffe and Qatari banker Sheikh Jassim bin Hamad Al Thani made rival offers in the region of £5 billion for a complete takeover, but that fell short of the Glazers’ valuation. Sheikh Jassim withdrew from the process, while Ratcliffe continued to pursue a minority shareholding.

Executive co-chairmen and directors Avram Glazer and Joel Glazer stated that Ratcliffe and INEOS “bring a wealth of commercial experience as well as significant financial commitment into the club. 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 Supporters Trust (MUST) expressed mixed feelings about the development, with the Glazers still in overall charge at Old Trafford. MUST stated that fans have consistently called for change at the club and hoped that the potential sale would bring the new investment and direction that Manchester United needs.

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