Sir Jim Ratcliffe £1.3billion deal for 25 per cent of Manchester United – which will see him take control of football operations – has been announced by the club.

Ratcliffe’s INEOS group – which owns a number of sports clubs, including French outfit Nice – will oversee United’s fortunes following approval from the Premier League, which is expected to take four to six weeks.

They will then be responsible for everything on the pitch, including signings, and the hiring and firing managers and football staff.

Ratcliffe, 71, said: ‘As a local boy and a lifelong supporter, 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.

‘Whilst the commercial success of the club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times.

Sir Jim Ratcliffe can raise a smile after buying a 25 per cent stake in Manchester United

He has finally seen his £1.3bn deal confirmed for a quarter of ownership at his boyhood club

The Glazer family have relinquished 25 per cent of United but remain as majority owners

United fans have repeatedly voiced their opposition against the unpopular US owners

‘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.

‘We are here for the long term and recognise that a lot of challenges and hard work lie ahead, which we will approach with rigour, professionalism and passion.

‘We are committed to working with everyone at the Club – the Board, staff, players and fans – to help drive the club forward.

‘Our shared ambition is clear: we all want to see Manchester United back where we belong, at the very top of English, European and world football.’

The deal is for an equal proportion of A and B shares and will see Ratcliffe given two seats on the board.

Ratcliffe paid $33 (£26) for each share, which were valued at around $19 (£15) – a considerable premium.

John Reece, an INEOS shareholder, and Rob Nevin, INEOS Sport chair, are likely to be on the PLC board, while Brailsford and Jean-Claude Blanc are set for the club board, but nothing is yet confirmed.

At one stage it was thought that there would be a three-person ‘football committee’ with Ratcliffe, INEOS team principal Sir Dave Brailsford and Joel Glazer.

Man United chief executive Richard Arnold left the club earlier this month

United’s general counsel Patrick Stewart (left) has become Man United’s interim CEO

Takeover timeline

November 22, 2022 – United’s American owners, the Glazer family, announce a ‘strategic review’ – they say they are open to all options, including a full sale.

February 2023 – Sir Jim Ratcliffe and Sheikh Jassim Bin Hamad Al-Thani emerge as the frontrunners to take control of the club. The Qatari businessman Sheikh Jassim wants to completely buy out the Glazers. Shortly afterwards, US hedge fund Elliott Management propose their own investment in United. But the Glazers are split on a full sale after the bids fall short of their £6billion valuation.

March 2023 – Ratcliffe and Sheikh Jassim make it through to the next stage of the process. Elliott Management join them a few days later. On March 16 and 17, the Qatari group and Ratcliffe’s team meet Raine Group, who are overseeing the process, at Old Trafford. Ratcliffe is present but Sheikh Jassim is not there in person.

March 23/24 – Both Ratcliffe and Sheikh Jassim make a second bid.

April 11 – The Glazers introduce a third round of bids with a deadline of late April.

April 28 – Sheikh Jassim makes a world record final bid for control of United. Ratcliffe also makes an offer before the cut-off.

May 16 – Sheikh Jassim increases his offer with a fourth bid worth £5bn. Ratcliffe’s proposal for a lower stake that would ensure the Glazers keep control values the club at a higher price.

June 7 – The Qataris increase their offer again.

October 14 – After months of delay, Sheikh Jassim withdraws from the process. On the same, day Ratcliffe agrees to buy a 25 per cent stake for £1.3bn.

However, that will no longer be the case with Ratcliffe in control.

The deal, which is for 25 per cent of voting rights and equity, is now expected to take around four to six weeks before approval is given by the necessary parties, including the Premier League.

It would appear that manager Erik ten Hag is safe for now, with any major decisions before approval deemed unlikely. That said, an improvement in results is important.

Fans will be hoping that Ratcliffe’s arrival will trigger an upturn in the club’s fortunes.

After an underwhelming first half of the season United, who have now not won a Premier League title for a decade, languish in eighth place following Saturday’s miserable 2-0 defeat at West Ham.

The reverse in London saw United fail to score in four successive games in all competitions since 1992.

The Dutchman’s side have now suffered the most defeats in a season before Christmas since 1930.

It is understood that the much-awaited deal has been agreed by most parties for some time. Approval from non-exec directors is thought to be behind the delay.

Boxing Day had been pinpointed as a potential date, along with the start of the New Year however, the final green light arrived on Sunday morning.

There can be no formal agreement, given stock market rules, but the investment is the first step, with a view to Ratcliffe eventually taking full control.

Large sections of United’s fanbase have been keen to see the back of the Glazer family, who burdened the club with debt following their leveraged takeover in 2005 and who many have held responsible for an era of decline both on and off the pitch.

Ratcliffe’s main focus is likely to be on the pitch, however, around £240m is expected to be made available for infrastructure improvements with a decaying Old Trafford in desperate need of substantial investment.

A statement released by United read: ‘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.’

Executive Co-Chairmen and Directors, Avram Glazer and Joel Glazer said: ‘We are delighted to have agreed this deal with Sir Jim Ratcliffe and INEOS.

‘As part of the strategic review we announced in November 2022, we committed to look at a variety of alternatives to help enhance Manchester United, with a focus on delivering success for our men’s, women’s and Academy teams.

‘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.

‘Manchester United has talented people right across the Club and our desire is to always improve at every level to help bring our great fans more success in the future.’

United legend Gary Neville responded to the news by criticising the announcement’s timing

United were effectively put up for sale in November of last year. The situation quickly turned into a two-horse race between Ratcliffe and Qatari Sheikh Jassim bin Hamad al Thani.

Al Thani’s bid was for full control of the club however, he failed to agree a price and eventually withdrew. Ratcliffe’s outfit presented the option of a 25 per cent stake, which ultimately proved successful.

United legend Gary Neville reacted to the news by tweeting: ‘Manchester United 2023 has been a disgrace to the end. The timing of this is truly awful and no functioning organisation would even think about it.

‘Anyway all the very best to Jim Radcliffe and I hope he can somehow work out a way to get the club right again and back to being something respectable on and off the pitch.’

Rumoured incoming United sporting director Paul Mitchell has reportedly started work there

Mason Greenwood joined Spanish side Getafe on loan at the end of the summer window

Ratcliffe profile

Sir Jim Ratcliffe FINALLY gets his foot through the door of English football… so, after going from growing up in a council house to a £16.8billion fortune, can he be the man to turn Man United around? 

With Ratcliffe taking charge of player recruitment, it is believed one of his first moves will be to hire Paul Mitchell as his sporting director.

Mitchell, who has been out of work since leaving Monaco in the summer having spent three years at the Ligue 1 club, has already reportedly been over to Spain to watch Mason Greenwood in action.

Jean-Claude Blanc, the CEO of INEOS Sport, is being considered as the new chief executive and performance guru Dave Brailsford is also likely to have a role.

Reports have circulated that he is ready to sell £194m worth of talent in January to raise funds at the club – with Antony, Jadon Sancho and Anthony Martial all on the chopping block.

Prior to Ratcliffe’s deal being announced, chief executive Richard Arnold left his post. Patrick Stewart, Manchester United’s general counsel, is serving as the club’s interim CEO.

United have spent a staggering £1.4billion on transfers since Sir Alex Ferguson left his role as manager and retired a decade ago. Current incumbent Erik ten Hag has spent almost £400m since joining the club last summer.

Ratcliffe, like many top businessmen, hates wasting money and he is said to have been staggered by the nature of United’s spending.

Ratcliffe arrives amid a torrid campaign for United, who lost 2-0 at West Ham on Saturday

It remains to be seen what Ratcliffe’s takeover of United’s football operations will mean for their under-pressure manager Erik ten Hag

His part-ownership will leave part of the Red Devils fanbase divided.

Many will be happy that someone has broken up the Glazer family’s full ownership of the club, while many will be unhappy that it is not a complete takeover and it wasn’t done by Qatari businessman Al-Thani.

As detailed by Mail Sport earlier this month; as well as the £1.3bn lay-out, Ratcliffe is is also likely to commit £245m from his own personal fortune to improving infrastructure at United, with the majority of what would be staggered funding due before the end of the year.

Industry experts have warned that the sum – should it be spent in its entirety on what is a decaying Old Trafford – will not be transformative.

United had stadium designers draft a number of proposals for potential refurbishment of their iconic home, which included razing it to the ground and building a new home.

Costs were estimated between £1bn and £2bn – far above the amount promised by Ratcliffe.

Those with knowledge of the stadium and surrounding market costs, say that £245m would be well short of the amount needed to fully demolish the Sir Bobby Charlton Stand and rebuild it to the height of the club’s other three stands.

Such a project would require the installation of a concrete decking over the adjacent railway line while the demolition is carried out. The cost of the concrete itself would be significant, thanks to recent price rises.

Erik ten Hag’s side are under mounting pressure once more amid a poor campaign

Manchester United pair Jadon Sancho (left) and Anthony Martial (right) would go as part of Ratcliffe’s reported plan for the January transfer window

Old Trafford is in need of extensive work but a proposed £245m infrastructure investment is likely to be insufficient

The venerable ground is in dire need of an upgrade, with videos of its leaky roof going viral

Sheik Jassim’s bid to buy 100 per cent of Manchester United failed despite a £5.5bn offer

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It is widely accepted that Old Trafford is in dire need of an upgrade, with videos of its leaky roof often going viral.

The demise of the venue was underlined when it was not chosen as one of the venues for the joint UK and Ireland bid for the European Championship in 2028.

However, it appears now that the bulk of Ratcliffe’s extra cash is set for a new training centre rather than for the stadium.

It is estimated that between £150m and £200m has been earmarked to modernise the Carrington training ground.

For those connected with Manchester United it’s been a long and drawn out process since the Glazer family first put the club up for sale 12 months ago.

Al-Thani withdrew from the race to buy the Premier League giants in October after it emerged Ratcliffe’s offer for a minority stake was more appealing to the Glazer family.

Initially Ratcliffe wanted full ownership but after a prolonged impasse, the INEOS owner submitted an adjusted offer of £1.3bn for a 25 per cent stake in the club in the first step in what is being viewed as a staged buyout.

The Qataris had offered to clear the debts and pay cash for 100 per cent of the club, but their offer fell short of the Glazers’ £6bn asking price – much to their annoyance.

Mail Sport previously reported the Qataris tabled a £5.5bn offer, with a further £1bn to be invested into modernising Old Trafford and new signings.