Ratcliffe, who is the chairman and founder of the petrochemical company INEOS, will acquire the shares from the Glazer family, the current majority owners of the club.

The deal, valued at $1.3 billion, will see Ratcliffe's INEOS take control of the football operations at Manchester United. The agreement includes all aspects of the men's and women's football operations and academies, as well as two seats on both the Manchester United PLC board and the Manchester United Football Club boards.

Joining the club's board as part of the agreement are INEOS CEO Jean-Claude Blanc and Sir David Brailsford, the former British Cycling executive who currently serves as INEOS' director of sport.

Aside from the stake acquisition, Ratcliffe, a lifelong supporter of Manchester United, will also provide an additional $300 million from his personal wealth for future investment at the club. These funds are intended for infrastructure upgrades, including the redevelopment of Old Trafford stadium.

It is worth noting that Ratcliffe's investment is subject to receiving all necessary regulatory approvals, including those from the Premier League. The approval process is expected to take approximately six to eight weeks, during which INEOS will not have formal decision-making powers at the club.

In a statement, Ratcliffe expressed his enthusiasm for the deal, emphasizing his commitment to unlocking the full potential of the club. He stated, "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."

Manchester United's interim CEO, Patrick Stewart, addressed the club staff, revealing that Brailsford and Blanc will be present at the club next month. Stewart also highlighted the ongoing efforts to define the future operations of the football department, a process set to be finalized within the next six weeks.

Avram and Joel Glazer, the current owners of Manchester United, expressed their delight at the deal with Ratcliffe and INEOS. They emphasized the wealth of commercial experience and significant financial commitment that Ratcliffe brings to the club. They also highlighted the access to high-performance professionals through INEOS Sport, aiming to enhance the success of the club's men's, women's, and Academy teams.

The agreement with Sir Jim Ratcliffe marks a new chapter in Manchester United's ownership structure, with the club hoping to leverage the billionaire's wealth and expertise to propel them back to the pinnacle of English, European, and world football. As the regulatory approval process unfolds, fans eagerly anticipate the potential improvements and investments that lie ahead.