Manchester United have announced that British billionaire Jim Ratcliffe has acquired a 25% stake in the Premier League club’s parent company.
A statement said Ratcliffe, chair of INEOS, purchased 25% of both class A and B shares from the Glazer family, who remain majority shareholders.
Ratcliffe outbid other interested parties, including a rejected $1B Saudi bid, after United sought “strategic alternatives” in November.
The deal includes a $300M cash injection and delegates responsibility for football operations to INEOS.
Glazer brothers Avram and Joel said Ratcliffe is “capable” of delivering future success and United will benefit from INEOS’ expertise.
Ratcliffe noted his lifelong support of the club and said INEOS will unlock United’s “full potentials” with global knowledge and funds for investment.
As 20-time EPL champions, United have not won the league in 10 years, last claiming it in 2012/13 under Sir Alex Ferguson.
Ratcliffe’s acquisition of a minority stake is aimed at restoring the club’s former glory.