After years of underachievement under the Glazer family, United also announced in a statement on Sunday that Ratcliffe’s INEOS firm will take charge of football operations.

In addition, the club’s antiquated Old Trafford stadium will receive major funding from the 71-year-old chairman of the worldwide chemicals behemoth.

This concludes a protracted story that started thirteen months ago, when United’s controversial US owners announced they were exploring “strategic alternatives” to promote the club’s growth.

The club, which had won 20 English championships, was burdened with debt when an American family purchased it for £790 million ($1.47 billiоn at the time) in 2005.

Ratcliffe and Qatari financier Sheikh Jassim bin Hamad Al Thani offered around £5 billiоn to acquire the whole company, but the Glazer family valued it higher.

While Ratcliffe persisted in pursuing a minority stake, Sheikh Jassim abandoned his offer to purchаse the entire club in October.

“The joint ambition is to create a world-class football operation building on the club’s many existing strengths, including the successful off-pitch performance that it continues to enjoy,” United stated in their statement on Christmas Eve.

Former Chelsea bidder Ratcliffe hails from the Greater Manchester area and says he is a lifelong supporter of the club.

“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,” according to him.

It was a long-term undertaking, he added, but in the pursuit of success, all of the knowledge and skill from across the INEOS Sport group will be put to use.

“Our shared ambition is clear,” he declared. “We all want to see Manchester United back where we belong, at the very top of English, European and world football.”

As head of sport for INEOS, Dave Brailsford—formerly of British Cycling—is anticipated to exert considerable influence.

Ratcliffe would get 25% of the club’s Class A shares traded in New York and up to 25% of the Class B shares held by the Glazer family, according to the club.

According to Ratcliffe’s plan, United is worth $33 per share.

As part of the agreement, United would receive an extra $300 million to renovate its antiquated Old Trafford stadium.

Prior business expertise

“Bring a wealth of commercial experience as well as significant financial commitment into the club,” stated Avram and Joel Glazer, executive co-chairmen and directors, in reference to Ratcliffe and INEOS.

The Ratcliffe family is heavily involved in the sporting world; they own the INEOS Grenadiers cycling team in addition to the French Ligue 1 club Nice and the Swiss side Lausanne-Sport.

Since Alex Ferguson’s last season as United manager in 2013, the club has failed to win the Premier League title.

They have been eliminated from both the League Cup and the Champions League, and they are now lying in eighth place in the Premier League, 12 points behind leaders Arsenal.

Erik Ten Hag, United’s manager, will also be under intense scrutiny because he was unable to build on last season’s League Cup victory, which ended the club’s trophy drought of six years.

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Even though the Glazers are still in command at Old Trafford overall, the Manchester United Supporters Trust stated that fans would have “mixed feelings” as a result.

“During 18 years of debt, decay and mismanagement, Manchester United fans have loudly and consistently called for change at our club,” a statement from MUST read.

Fan sentiment today is all over the map, they said. We are grateful to Sir Jim Ratcliffe and his INEOS firm for their investment, although many will wish he had a larger ownership position.

According to the club, the agreement is “subject to customary regulatory approvals” but they are “hopeful it will be completed as soon as possible.”