Sir Jim Ratcliffe’s investment in Manchester United has been confirmed.
Ratcliffe will purchase a 25 per cent stake in the Red Devils in a deal understood to be worth £1.25billion.
The deal is subject to Premier League approval, a process that can take up to eight weeks. talkSPORT understands there is no guarantee the Glazers have to sell in the deal.
Ratcliffe will invest $300million into the club (around £236m) to enable future investment into home ground Old Trafford.
Meanwhile, Ratcliffe and his team at INEOS have been delegated responsibility of the club’s football operations.
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.”
INEOS Chairman, Sir Jim Ratcliffe, 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.”
The 71-year-old was involved in a head-to-head battle with Qatar’s Sheikh Jassim bin Hamad Al Thani with a view to a full takeover of the club after the Glazer family revealed they were open to selling up in 2022.
However, Sheikh Jassim pulled out of the deal entirely, leaving Ratcliffe with a clear run at investing in the club.
Ratcliffe is keen to appoint Newcastle sporting director Dan Ashworth into a similar role at Old Trafford.
But despite Ratcliffe’s imminent arrival, sources suggest that Man United are unlikely to spend big in the upcoming January transfer window.
Man United are going into Christmas Day on the back of another disappointing result having fallen to a 2-0 defeat to West Ham on Saturday.
As a result, the club sit eighth in the Premier League and eight points behind fourth-place Tottenham.