Sir Jim Ratcliffe Agrees Deal To Buy 25% Of Manchester United After Failed Chelsea Bid

Manchester United confirmed on Christmas Eve that a deal has been agreed with Jim Ratcliffe that will see the British billionaire buy a 25% stake in the club.

Manchester United confirmed on Christmas Eve that a deal has been agreed with Sir Jim Ratcliffe that will see the British billionaire buy a 25% stake in the club.

The purchase will cost Ratcliffe's Ineos Group around $1.3 billion.

Ratcliffe, 71, and Ineos will take control of football operations at United.

In addition to the purchase of shares from the Glazer family, Ratcliffe has pledged to invest $300 million to improve the club's Old Trafford stadium.

The first $200m will be "paid upon the closing of the transaction" with a further $100m of investment to arrive "by the end of 2024".

Ratcliffe's takeover will reduce the Glazers' share in United from 69%.

Despite allowing Ratcliffe and Ineos to effectively run the club, the American family - who bought United in 2005 - will still hold more shares than the British businessman.

Ratcliffe was born in Manchester and has described himself as "a lifelong supporter of the club", despite trying and failing to buy Chelsea from Roman Abramovich last year.

He previously offered to pay £2.5bn for Chelsea, while also pledging to invest £1.75bn over 10 years, but he was outbid by a consortium led by Todd Boehly.

A billboard pictured near Old Trafford featuring an image of Sir Jim Ratcliffe alongside the words: "Welcome to MANCHESTER" :: IMAGO/PA Images/Martin Rickett

"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," Ratcliffe said in a statement.

"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 recognize that a lot of challenges and hard work lie ahead, which we will approach with rigor, 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."

Although the deal has been agreed, a club statement explained that it is "subject to customary regulatory approvals".

The initial process of getting the deal ratified will likely take between six to eight weeks.