More than a year after the Glazer family announced they were putting their shares in Manchester United up for sale, one of Britain’s richest men has officially taken a significant stake.

Sir Jim Ratcliffe officially became the new shareholder of Manchester United

In an official statement published on the club’s website on Sunday, Manchester United announced the agreement with Sir Jim Ratcliffe.

“Manchester United today announced that it has entered into an agreement whereby INEOS Chairman Sir Jim Ratcliffe will acquire a 25% stake in Manchester United.

The deal also includes an additional $300 million in future investments at Old Trafford.

As part of the deal, INEOS has accepted the Board’s request to delegate responsibility for the management of the club’s football operations.” – reported Manchester United.

A die-hard United fan since his youth, Ratcliffe will pay around €1.5bn for a quarter of the club’s shares, the first step towards a full phased takeover.

He has vowed to return the team to its former glory in an attempt to appease fans anxious to see the club rid itself of the Glazer family.

Manchester United are not the only Premier League club Ratcliffe has tried to buy, the billionaire was also interested in Chelsea last year before Roman Abramovich sold the London club to Todd Boley for £2.5bn.

In 2020, Jim Ratcliffe was the 2nd richest Briton with a net worth of £23 billion.