British billionaire Sir Jim Ratcliffe has completed a deal to purchase a 27.7% stake in Manchester United.

Ratcliffe's investment was only a matter of time after the proposed deal was approved by the Premier League last week.

Man United have now confirmed that Ratcliffe has finalised his purchase to take control of the club's football operations, while the Glazer family will retain a majority stake in the 20-time English champions.

Trawlers Limited, a company wholly owned by Ratcliffe, have acquired 25% of the club's class B shares and 25% of the club's class A shares

Ratcliffe's commitment to invest an initial $200m (£158m) in the infrastructure at Old Trafford has raised his shareholding to 27.7%.

Manchester United is pleased to confirm that Sir Jim Ratcliffe has completed his 27.7% acquisition of the club, following approval of all conditions, including the FA and the Premier League.#MUFC

— Manchester United (@ManUtd) February 20, 2024

The INEOS chairman and chief executive will inject a further $100m (£79.2m) by the end of the year to increase his stake to 28.9%.

Overall, the investment is believed to be worth around ($1.6b) £1.25bn, and will give INEOS control of the football operations of the men's and women's teams as well as the club's academy system.

"To become co-owner of Manchester United is a great honour and comes with great responsibility," Ratcliffe told the club's official website.

"This marks the completion of the transaction, but just the beginning of our journey to take Manchester United back to the top of English, European and world football, with world-class facilities for our fans. Work to achieve those objectives will accelerate from today."

© Reuters

Man United co-chairman Joel Glazer said: "I would like to welcome Sir Jim as co-owner and look forward to working closely with him and INEOS Sport to deliver a bright future for Manchester United."

Ratcliffe has been joined on the board by his INEOS colleagues Sir Dave Brailsford and Jean-Claude Blanc, who have already helped the 71-year-old make alterations behind the scenes.

They had an input in Man United's decision to appoint Manchester City's chief operating officer Omar Berrada as the club's new chief executive last month.

Ratcliffe is also keen to appoint recruit Newcastle United's sporting director Dan Ashworth after he was recently placed on gardening leave amid interest from Man United.