Manchester United have confirmed Sir Jim Ratcliffe's purchase of a 25 per cent stake in the club.
The British billionaire is now primed to take charge of sporting matters at Old Trafford, with the Glazers willing to hand over some control.
The Americans confirmed in November last year they would be undergoing a 'strategic review'.
It initially seemed as though they were gearing up for a sale, with Qatari figure Sheikh Jassim interested in purchasing the club in its entirety.
Sir Jim Ratcliffe has purchased a 25 per cent stake in Manchester United
PA
But that didn't happen with Ratcliffe fending off competition from Sheikh Jassim to buy 25 per cent of the club.
United have now released a statement confirming Ratcliffe's purchase, with the club saying: "Manchester United plc (NYSE: MANU), announces 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.
"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.
"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 success off-pitch performance that it continues to enjoy."
United co-owner Joel Glazer has reacted to the news.
He said: 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.”
As for Ratcliffe, the INEOS chief has taken aim at United by saying the club's potential 'has not been fully unlocked in recent times'.
"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," he announced.
"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.
LATEST SPORTS NEWS:
The Glazers are set to pass over sporting control to Sir Jim Ratcliffe at Manchester United
GETTY
“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.”
United also provided further details of the transaction.
Their statement added: "Under the terms of the transaction agreements, Trawlers Limited will (i) acquire 25 per cent of the Class B ordinary shares of the Company, par value $0.0005 per share (“Class B shares”), and (ii) initiate a tender offer to acquire up to a number of shares that, at launch, will represent 25% of the Class A ordinary shares of the Company, par value $0.0005 per share (“Class A shares”), in each case at a price of $33.00 per share in cash.
Sir Jim Ratcliffe has a decision to make on Manchester United boss Erik ten Hag
GETTY
"Subject to a sufficient number of Class A shares being tendered in the offer, Trawlers Limited would own 25% of the Club following the closing of the transaction.
"Sir Jim will provide a $300 million fund intended to enable future investment into the Club’s infrastructure at Old Trafford, comprising $200 million paid upon the closing of the transaction and a further $100 million by the end of 2024.
"Trawlers Limited will be issued additional Class A and Class B shares at $33.00 in respect of such investment.
"The transaction will be fully funded by Trawlers Limited without any debt.
"The Board of Directors of Manchester United plc has approved the transaction and recommended that the Manchester United plc shareholders tender their shares in the tender offer and approve the change to the Articles of Association of Manchester United plc to, among other things, permit the transfer of Class B shares."
