Manchester United, the record 20-time Premier League champions, has announced a historic deal to sell a minority stake in the club to British billionaire and INEOS owner Jim Ratcliffe. The deal will also give Ratcliffe control over the soccer operations of the storied club, which has struggled to regain its previous glory since the retirement of former manager Alex Ferguson in 2013.

The agreement comes after more than a year of speculation and dissatisfaction among fans towards United's American owners, the Glazer family. Ratcliffe, a lifelong fan of the club and a local boy from Failsworth, Greater Manchester, had initially shown interest in acquiring the majority share held by the Glazers. However, the deal now grants him a stake of "up to 25%" in United.

As part of the deal, Ratcliffe will commit $300 million to invest in the iconic Old Trafford stadium, with an initial payment of $200 million upon completion of the transaction and an additional $100 million by the end of 2024. In total, the deal is valued at approximately $1.6 billion, including the funding for stadium improvement.

The transaction is still subject to approval by the Premier League, but if successful, it will mark a significant shift in the ownership structure of one of the world's most iconic football clubs.

United's current struggles on the pitch, sitting in eighth place in the Premier League and already eliminated from European competition, have increased the pressure on manager Eric ten Hag. The 2-0 defeat against West Ham on Saturday was the team's 13th loss in 26 games this season across all competitions.

Speaking about the deal, Ratcliffe expressed his excitement and commitment: "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. 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."

The funding for the deal will be provided by Trawlers Limited, a company wholly owned by Ratcliffe, without any debt. This is a departure from the leveraged buyout structure previously associated with the Glazers, which had loaded debt onto the club. United fans have long criticized the lack of investment and dividends taken out by the owners.

Avram Glazer and Joel Glazer, United executive co-chairmen and directors, acknowledged Ratcliffe's experience and financial commitment in a joint statement: "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."

This development comes after the Glazers announced their plans to seek new investment in November last year, and the process was overseen by US merchant bank Raine. Ratcliffe faced competition from Qatari banker Sheikh Jassim bin Hamad Al Thani, but after months of negotiations, Sheikh Jassim withdrew his bid in October, leaving Ratcliffe as the sole contender for the minority stake.

If approved, this deal could usher in a new era for Manchester United, with the hope of revitalizing the club's fortunes both on and off the pitch. The fans, who have long awaited a return to Premier League glory, will eagerly anticipate the impact of Jim Ratcliffe's investment and management responsibility at Old Trafford.