Manchester United takeover complete: Glazer family sells minority stake to British billionaire

Manchester United have announced Sir Jim Ratcliffe has purchased a minority stake in the club. Ineos, led by the British billionaire will acquire up to 25% of the club. Ratcliffe reportedly has spent a whopping £1.25 billion to complete the proceedings.

3 things you need to know

• Manchester United remain one of the most renowned English clubs
• They haven't been at their best this season
• The Glazers family own a majority share of the club

Sir Jim Ratcliffe to acquire a minority stake at Manchester United

The deal comes just a day after United were humbled by West Ham United in the Premier League. The petroleum tycoon will also invest $300 million as a part of infrastructural investment at Old Trafford. Amidst United's ongoing turmoil, Ineos Sport will also take over the football operations and will nominate two persons to the United's board.

An official statement read, "Manchester United plc (NYSE: MANU) announced today that it has entered into an agreement under which Chairman of INEOS, Sir Jim Ratcliffe, will acquire 25 per cent of Manchester United’s Class B shares and up to 25 per cent of Manchester United’s Class A shares and provide an additional $300 million intended to enable future investment into Old Trafford.

"As part of the transaction, INEOS has accepted a request by the Board to be delegated responsibility for the management of the Club’s football operations. This will include all aspects of the men's and women's football operations and Academies, alongside two seats on the Manchester United PLC board and the Manchester United Football Club boards.

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."

Ratcliffe will also likely appoint Jean-Claude Blanc as the Chief Executive while Sir Dave Brailsford could assume his role as the new football director.